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The Paycheck Protection Program Flexibly Act of 2020 (“Flexibility Act”) was signed into law last Friday. Revisions to the program address issues taxpayers encountered while trying to take advantage of the promised loan forgiveness. Before outlining the changes, however, we’ll make quick note of one other item.

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Despite the stated intentions of the laws, it has taken a long time for relief targeted at independent contractors and sole proprietors to become viable. While many of the programs are finally working, some complicated decisions and open questions remain. We highlight some of these in this edition of the newsletter, as well as address rising issues related to Paycheck Protection Program (“PPP”) loans.

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New funding is in the works for popular loan programs that have run dry, the IRS tool for inputting your direct deposit information has gone live, and new details on the various law changes and economic programs have continued to emerge. Finally, we talk a little bit about home offices.

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Since our last newsletter the IRS individual rebate page has been moved and enhanced, more due dates have been extended, PPP loans have emerged as the hot item, FAQs have been issued on payroll tax credits, additional state and local resources and programs have been added, and scam artists have gotten active. Our emphasis continues to be on helping you get the cash flow you need now.

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The few past weeks have seen the passage of two bills with important tax related benefits. While many open questions remain on the mechanics for applying the changes, we are highlighting some items that might be of immediate interest …

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The IRS is starting to provide guidance. We are monitoring closely and learning as we go. What we know: The April 15 filing and tax due date has been extended to July 15. If you choose, you can file now and pay later (July 15). Partnerships and S-Corporations can file an extension until September 15 and Individuals and C-Corporations until October 15 …

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Hope you are healthy and reasonably navigating this difficult time. I am alerting everyone to some tax updates. The facts: Tax filing dates for Federal, California, and many states have been extended from April 15th to July 15th. Extensions need to be filed by July 15. First quarter estimated taxes for 2020 are now due July 15th …

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