Do you still need to file your personal income taxes? Due to the ongoing pandemic, the IRS has extended certain deadlines for individuals which would normally fall on April 15, including the federal tax-filing deadline, making IRA contributions and filing for unclaimed refunds.
On Tuesday, March 30, President Biden signed the PPP Extension Act of 2021 into law, which extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021. This offers potential PPP borrowers additional time to submit their applications and provides more time for the Small Business Administration (SBA) to process applications. The law does not provide the PPP with any additional funding; however, $7.25 billion in additional funding was recently provided in the American Rescue Plan Act.
The Consolidated Appropriations Act (CAA) was approved by Congress and signed by the President on December 27, 2020. This COVID relief bill contains direct spending relief for businesses and individuals affected by the pandemic; extends expiring tax provisions, credits and incentives; and funds the Federal government for the remainder of fiscal year 2021.
The U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury issued a new interim final rule on August 24, 2020, pertaining to owner-employee compensation and the eligibility of non-payroll expenses.
On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive action signed in early August.
President Donald Trump signed a series of executive orders on Saturday, August 8, to provide temporary relief to Americans impacted by the Coronavirus pandemic. The four executive orders include an additional $400 per week in unemployment benefits, suspension of some student loan payments through December 31, 2020, protection for renters from eviction, and deferral of certain payroll taxes for Americans who earn less than $104,000 annually through the end of the year.