MRPR Blog

Michigan Extends Tax Filing and Payment Deadlines

Posted by MRPR on Apr 8, 2020 5:47:10 PM

On March 27, 2020, Governor Gretchen Whitmer signed Executive Order 2020-26, granting Michigan taxpayers much-needed relief as Michigan and the nation at large, battle the COVID-19 pandemic.

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Topics: Tax Topics, COVID-19 Updates

Paycheck Protection Program Loan Process

Posted by MRPR on Apr 2, 2020 4:39:21 PM

The U.S. Department of Treasury and SBA released the application and guidelines for the Paycheck Protection Program (PPP loan) in the evening of March 31, 2020. As we mentioned in an earlier blog, the Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and is designed for small businesses with 500 or fewer employees. The program has set aside $350 billion to fund federally guaranteed loans with the unique feature of being partially or fully forgiven, provided certain parameters are met.

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Topics: Tax Topics, COVID-19 Updates

The CARES Act Provides Sweeping Relief to Taxpayers

Posted by MRPR on Mar 30, 2020 3:40:57 PM

After much debate in Congress, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed by President Donald Trump on March 27, 2020. It is the latest in a series of aid and relief packages to assist Americans as the nation struggles with the ongoing COVID-19 pandemic. This law represents the single largest domestic relief package ever passed by Congress and provides much-needed aid both to individual taxpayers and businesses.

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Topics: Tax Topics, COVID-19 Updates

SBA Disaster Relief Loans Available Due to COVID-19 Losses

Posted by MRPR on Mar 28, 2020 12:01:09 PM

The COVID-19 virus is having an immense economic impact on businesses and individuals. Our team at MRPR has been tracking local, state and federal policy regarding emergency funding. Things are changing quickly and we understand this information can be both confusing and overwhelming for business owners to navigate on their own.

In recent weeks, we have been asked most often about the Economic Injury Disaster Loans (EIDL) provided by the U.S. Small Business Administration (SBA). These loans provide funds to small businesses for working capital needs or normal operating expenses in amounts ranging up to $2 million, through the businesses’ recovery period.

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Topics: Tax Topics, COVID-19 Updates

Update: The Families First Coronavirus Response Act H.R. 6201

Posted by MRPR on Mar 26, 2020 5:19:32 PM

We have gathered the updates you need to know released by the Department of Labor (DOL), Internal Revenue Service (IRS) and U.S. Department Of The Treasury regarding the Families First Coronavirus Response Act (FFCRA).

We kindly ask that you take a moment to familiarize yourself with these updates and reach out to MRPR if we may be of further assistance.

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Topics: Tax Topics, COVID-19 Updates

IRS Extends Filing Deadline For Tax Returns

Posted by MRPR on Mar 23, 2020 5:26:26 PM

On March 21, 2020, the Internal Revenue Service released Notice 2020-18, providing information and guidance to taxpayers as the United States addresses the global COVID-19 (Wuhan coronavirus) pandemic. President Donald Trump issued an emergency declaration on March 13, 2020, empowering Treasury Secretary Steven Mnuchin to grant certain relief to taxpayers as more and more sectors of the U.S. economy are shuttered or otherwise contracted to slow the spread of the virus. 

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Topics: Tax Topics, COVID-19 Updates

The Families First Coronavirus Response Act H.R. 6201

Posted by MRPR on Mar 20, 2020 6:23:13 PM

On Wednesday, March 18, 2020, the Families First Coronavirus Response Act H.R. 6201 was signed into law by President Trump after the Senate passed the bill by a 90-8 vote. The Act contains provisions for paid leave for employees, tax credits for business owners, COVID-19 testing, unemployment insurance and additional funding for government programs. The bill takes effect no later than April 1, 2020, and it will sunset on Dec. 31, 2020. 

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Topics: News, COVID-19 Updates

Michigan Offers Relief for Sales, Use and Withholding Tax

Posted by MRPR on Mar 19, 2020 4:56:00 PM

As the federal government and state governments across the country struggle to deal with the ongoing COVID-19 (Wuhan coronavirus) pandemic, state tax agencies are offering relief to taxpayers as the economy adapts to the social distancing requirements prescribed by the Centers for Disease Control (CDC). Michigan is following suit by extending certain protections to affected taxpayers.

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Topics: News, COVID-19 Updates

IRS Announces Emergency Tax Relief for COVID-19

Posted by MRPR on Mar 18, 2020 6:18:47 PM

Please see the most recent update regarding the IRS Extended Tax Payment Deadline Notice

 

On March 18, 2020, the Internal Revenue Service released Notice 2020-17, providing information and guidance to taxpayers as the United States addresses the global COVID-19 (Wuhan coronavirus) pandemic. 

 

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Topics: Tax Topics, COVID-19 Updates

Your Individual Retirement Plan and The SECURE Act (Pt. 1)

Posted by Louis DiSarno, CPA on Mar 9, 2020 8:00:00 AM

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law by President Trump. The SECURE Act made many significant changes to the treatment of retirement and other savings plans and corrected a few unfavorable changes that had been put in place from the TCJA.

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Topics: Accounting Hot Topics