This is general information for taxpayers and should not be relied upon as the only source of authority.  Taxpayers should seek professional tax advice for more information.

HELPFUL INFORMATION

Tax information to keep you updated. 

General Information*


Coronavirus Update


Paycheck Protection Program (PPP).All businesses (private, public, tax-exempt) of up to 500 employees are eligible for a Small Business Administration (SBA) loan, which may become a grant—i.e., may be forgiven (see below). Apply to your bank or other financial institutions. Terms of the loan are set by the SBA. 


How PPP SBA loans are forgiven. A PPP SBA loan is turned into a grant—forgiven—if a business maintains its payroll at least 8 weeks and uses the loan only to pay salaries and essential operating expenses, such as interest, rent and utilities. However, the IRS says it is likely that only 25% of the loan can be used for nonpayroll costs if it is to be forgiven. The business must exist during the crisis, but does not have to be open and operating—and employees do not have to work to be paid. 


Interest on PPP SBA loans. Even if the loan is turned into a grant, interest, initially set at 1%, still must be paid. No word yet as to whether a forgiven loan is taxable income.


Maximum PPP SBA loan. The lesser of $10 million or 2.5 x monthly payroll.


Maximum employee pay. $100,000/employee.


Obtaining a loan. File a loan application.


All funds for the Paycheck Protection Program were previously exhausted, but a new law replenishes the Paycheck Protection Program (PPP) funds.  


Don't wait if your company needs the assistance and has not applied.  Take action to work with a lender to submit the application quickly as this second round of funding is expected to be exhausted in a short time.


Beware of coronavirus law scams designed to obtain business and personal financial information, the IRS warns.


Expect scam phone calls, emails or texts offering to accelerate receipt of payments.


The scams generally ask for your preferred payment methods for rebates and credits, then request bank account information. Some may ask you to sign over your firm’s or your payment rights in return for cash now.


Crooks also use fake IRS emails to install malware or get you to click on web pages where you enter financial information.


Key reminder: The IRS does not initiate contact about stimulus payments or credits via email, telephone, or social media. No firm or individual other than your CPA can accelerate payments. IRS recommendation: Report such emails, texts, messages or social media to phishing@irs.gov . [IR-2020-64]


* Disclaimer - General Information provided with permission from the American Institute of Professional Bookkeepers.


                                                                                 Tax Calendar

The Treasury Department and Internal Revenue Serviced has automatically extended the tax filing due date from April 15, 2020 to July 15, 2020.


April

Wednesday,4/1/2020
Deposit payroll tax for payments on Mar 25-27 if the semiweekly deposit rule applies.
Friday,4/3/2020
Deposit payroll tax for payments on Mar 28-31 if the semiweekly deposit rule applies.
Wednesday,4/8/2020
Deposit payroll tax for payments on Apr 1-3 if the semiweekly deposit rule applies.
Friday,4/10/2020
Employers: Employees are required to report to you tips of $20 or more earned during March.
Deposit payroll tax for payments on Apr 4-7 if the semiweekly deposit rule applies.
Wednesday,4/15/2020
Withholding Agent: File Forms 1042-S if you timely requested a 30-day extension. Furnish Forms 1042-S to recipients if you timey requested a

     30-day extension.
Deposit payroll tax for Mar if the monthly deposit rule applies.
Deposit payroll tax for payments on Apr 8-10 if the semiweekly deposit rule applies.
Monday,4/20/2020
Deposit payroll tax for payments on Apr 11-14 if the semiweekly deposit rule applies.
Wednesday,4/22/2020
Deposit payroll tax for payments on Apr 15-17 if the semiweekly deposit rule applies.
Friday,4/24/2020
Deposit payroll tax for payments on Apr 18-21 if the semiweekly deposit rule applies.
Wednesday,4/29/2020
Deposit payroll tax for payments on Apr 22-24 if the semiweekly deposit rule applies.
Thursday,4/30/2020
File Form 730 and pay the tax on wagers accepted during March.
Employers: File Form 941 for the first quarter.
File Form 2290 and pay the tax on vehicles first used in March.
File Form 720 for the first quarter.
Deposit FUTA tax owed through Mar if more than $500


May

Friday,5/1/2020
Deposit payroll tax for payments on Apr 25-28 if the semiweekly deposit rule applies.
Wednesday,5/6/2020
Deposit payroll tax for payments on Apr 29 - May 1 if the semiweekly deposit rule applies.
Friday,5/8/2020
Deposit payroll tax for payments on May 2-5 if the semiweekly deposit rule applies.
Monday,5/11/2020
Employers: Employees are required to report to you tips of $20 or more earned during April.
File Form 941 for the first quarter if you timely deposited all required payments.
Wednesday,5/13/2020
Deposit payroll tax for payments on May 6-8 if the semiweekly deposit rule applies.
Friday,5/15/2020
File Form 8886-T (Disclosure by Tax-Exempt Entity Regarding Prohibited Tax Shelter Transaction)
Deposit payroll tax for payments on May 9-12 if the semiweekly deposit rule applies.
Deposit payroll tax for Apr if the monthly deposit rule applies.
File Form 8038, 8038-B, 8038-G, 8038-TC for bonds issued in Jan/Feb/Mar 2020
File Form 5330 (Return of Excise Taxes related to Employee Benefit Plans)
Wednesday,5/20/2020
Deposit payroll tax for payments on May 13-15 if the semiweekly deposit rule applies.
Friday,5/22/2020
Deposit payroll tax for payments on May 16-19 if the semiweekly deposit rule applies.
Thursday,5/28/2020
Deposit payroll tax for payments on May 20-22 if the semiweekly deposit rule applies.
Friday,5/29/2020
Deposit payroll tax for payments on May 23-26 if the semiweekly deposit rule applies.


June

Monday,6/1/2020
File Form 730 and pay the tax on wagers accepted during April.
File Form 2290 and pay the tax for vehicles first used during April.
Wednesday,6/3/2020
Deposit payroll tax for payments on May 27-29 if the semiweekly deposit rule applies.
Friday,6/5/2020
Deposit payroll tax for payments on May 30 - Jun 2 if the semiweekly deposit rule applies.
Wednesday,6/10/2020
Employers: Employees are required to report to you tips of $20 or more earned during May.
Deposit payroll tax for payments on Jun 3-5 if the semiweekly deposit rule applies.
Friday,6/12/2020
Deposit payroll tax for payments on Jun 6-9 if the semiweekly deposit rule applies.
Monday,6/15/2020
Deposit payroll tax for May if the monthly deposit rule applies.
Wednesday,6/17/2020
Deposit payroll tax for payments on Jun 10-12 if the semiweekly deposit rule applies.
Friday,6/19/2020
Deposit payroll tax for payments on Jun 13-16 if the semiweekly deposit rule applies.
Wednesday,6/24/2020
Deposit payroll tax for payments on Jun 17-19 if the semiweekly deposit rule applies.
Friday,6/26/2020
Deposit payroll tax for payments on Jun 20-23 if the semiweekly deposit rule applies.
Tuesday,6/30/2020
File Form 2290 and pay the tax for vehicles first used during May.
File Form 730 and pay the tax on wagers accepted during May.


July

Wednesday,7/1/2020
Deposit payroll tax for payments on Jun 24-26 if the semiweekly deposit rule applies.
File Form 11-C to register and pay annual tax if you are in the business of taking wagers.
Monday,7/6/2020
Deposit payroll tax for payments on Jun 27-30 if the semiweekly deposit rule applies.
Wednesday,7/8/2020
Deposit payroll tax for payments on Jul 1-3 if the semiweekly deposit rule applies.
Friday,7/10/2020
Deposit payroll tax for payments on Jul 4-7 if the semiweekly deposit rule applies.
Employers: Employees are required to report to you tips of $20 or more earned during June.
Wednesday,7/15/2020
File Forms 990-T (Section 401(a) or 408(a) trusts) or Form 1120-POL for years ending 12/31/19
Individuals and Entities: File Form 3520. For automatic 3-month extension, file an income tax return extension: Form 4868 for individuals or

     Form 7004 for entities.
Deposit payroll tax for payments on Jul 8-10 if the semiweekly deposit rule applies.
Non-Resident Alien Individuals who received wages as an employee subject to U.S. income tax withholding: File Form 1040NR or 1040NR-EZ.  For an automatic 3-month extension, file Form 4868.
Partnerships: File Form 8813 installment payment vouchers and pay any tax due.
Individuals living outside the U.S.: File Form 1040 or 1040-SR and pay any tax, interest, and penalties due. For automatic extension file form 

     4868 and deposit estimated tax.
Non-Resident Alien individuals who DID NOT receive wages as an employee subject to U.S. income tax: File Form 1040NR or 1040NR-EZ.  For

     an extension, file Form 4868
Tax Exempt Orgs: Deposit Estimated Tax for 1st & 2nd quarter due on Unrelated Business Taxable Income for Tax-Exempt Organizations. Use Form 990-W to determine the amount of estimated tax payments required.
Form 1120-F filers:  Due dates can vary for Form 1120-F filers, depending on if the foreign corporation has a U.S. place of business and on the

     year-end of the foreign corporation.  Please see instructions.
Deposit payroll tax for June if the monthly deposit rule applies.
Corporations: File Form 1120 for calendar year and pay any tax due. For automatic 3-month extension, file Form 7004 and deposit first and

     second installments of estimated tax.
Individuals: File Form 1040 or 1040SR and pay any tax due. For automatic 3-month extension file Form 4868 and deposit estimated tax. Pay the

     first and second installments of 2020 estimated tax - Use Form 1040-ES.
Partnerships: File Form 8804 and Forms 8805 for a calendar year partnership that keep its records and books of account outside the United

     States and Puerto Rico.
File Forms 990, 990-EZ, 990-PF, 990-N, 990-BL, 990-T (Trusts other than section 401(a) or 408(a) trusts), 4720, or 8868 for years ending

     12/31/19
Estates and Trusts: File Form 1041 for calendar year entities and pay any tax due.
Household Employers: File Sch. H with Form 1040 if you paid $2,100 or more to a household employee.
Friday,7/17/2020
Deposit payroll tax for payments on Jul 11-14 if the semiweekly deposit rule applies.
Wednesday,7/22/2020
Deposit payroll tax for payments on Jul 15-17 if the semiweekly deposit rule applies.
Friday,7/24/2020
Deposit payroll tax for payments on Jul 18-21 if the semiweekly deposit rule applies.
Wednesday,7/29/2020
Deposit payroll tax for payments on Jul 22-24 if the semiweekly deposit rule applies.
Friday,7/31/2020
File Form 730 and pay the tax on wagers accepted during June.
File Form 2290 and pay the tax for vehicles first used during June.
File Form 720 for the second quarter.
File Form 5500, 5500-EZ, 5500-SF, 5558, or 8955-SSA for calendar year 2019 employee benefit plan
Deposit FUTA owed through June if more than $500.
File Form 941 for the second quarter.
Deposit payroll tax for payments on Jul 25-28 if the semiweekly deposit rule applies.




EFTPS users: Payments must be scheduled by 8 PM ET at least one calendar day before the tax due date.