MRPR Blog

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.

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.

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.

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. 

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. 

As Ben Franklin said, “In this world, nothing can be said to be certain, except death and taxes.” As the tax laws continue to evolve, you can’t even be certain about taxes anymore. Read on for a roundup of five tax headlines that taxpayers should know about in the new year.

The 2017 Tax Cuts and Jobs Act (TCJA) made significant changes to business provisions that affect a company's ability to deduct meals and entertainment (M&E) expenses.

While some people may not think that tax and accounting topics make for exciting headlines--we do! Here's a quick round up of five tax-related headlines that impact many business owners heading into Q4.

The IRS released new proposed regulations for Qualified Opportunity Zones on April 17, 2019. The new regulations seek to clarify the vague statutory language of Internal Revenue Code Section 1400Z-1 and 1400Z-2, outlining the tax benefits of Qualified Opportunity Zones.

The damaging impact of identity theft can be devastating and long-lasting. When we send off our tax returns to the IRS we assume our information is safe. But did you know that the simple act of filing your tax return could put you at risk for identify theft?