April 3, 2020 | Client AlertOn Tuesday, March 31, the US Small Business Administration issued a Payroll Protection Program (“PPP) Information sheet for lenders.
Department of Labor “Posting” Requirement for Paid Leave – May Require Distributing Notice Electronically
April 3, 2020 | Client AlertThe Families First Coronavirus Response Act (or, FFCRA) was the first legislation designed to provide employees with enhanced benefits caused by the COVID-19 outbreak. As many employers are now learning, the FFCRA contains two important provisions regarding paid sick time and expanded (and partially paid) family and medical leave.
Illinois Department of Revenue Waives Penalties for Late Sales Tax Payments from Bars and Restaurants
April 3, 2020 | Client AlertGovernor Pritzker announced on March 19 that effective immediately, the Illinois Department of Revenue will waive any penalties and interest from late sales tax payments for business taxpayers that are bars and restaurants. To qualify for the relief, the taxpayer must operate an eating and drinking establishment that incurred a total Sales Tax liability of less than $75,000 in calendar year 2019.
SBA Issues Interim Final Rules On Paycheck Protection Program
April 3, 2020 | Client AlertLate Thursday, April 2, 2020, the U.S. Small Business Administration (“SBA”) issued interim final rules implementing the “Paycheck Protection Program. Under the CARES Act. Most of the Interim Rules are consistent with the CARES Act. The SBA invites comments for a period of 30 days following publication of the Interim Rules in the Federal Register.
Treasury Delays April 15 Tax Deadline by 90 Days for Millions
April 3, 2020 | Client AlertTreasury Secretary Steven Mnuchin announced that his department is pushing back the April 15 deadline to pay any federal income tax liability, giving individuals and many businesses 90 extra days to pay taxes they owe. Individuals can defer up to $1 million of tax liability and corporations get an extension on up to $10 million, Mnuchin said Tuesday at a press conference.
CCM Client Alert – Estate Planning During the Covid-19 Crisis
April 3, 2020 | Client AlertThese are stressful and difficult times. We want to reassure you that we are working from our homes and in the office to meet your needs without interruption.
Illinois Extends 2019 Tax Filing and Payment to July 15, 2020
April 3, 2020 | Client AlertThe Illinois Department of Revenue (IDOR) followed the federal government in providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for Illinois income tax returns has been extended from April 15, 2020, to July 15, 2020.
COMMERCIAL LEASING ISSUES DURING COVID-19 OUTBREAK
April 3, 2020 | Client AlertCommercial landlords and tenants are facing a challenging landscape with the COVID-19 outbreak and its impact on the real estate industry of the United States. With the risks stemming from the outbreak, landlords are encouraged to review leases they have with all tenants and their insurance policies.
IRS Publishes Detailed Guidance on Tax Credits For Employers Who Give Paid Sick Leave and Emergency FMLA – What Documentation May Employers Ask For?
April 2, 2020 | Client AlertThe Families First Coronavirus Response Act (the "FFCRA"), signed by President Trump on March 18, 2020, provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19.
Emergency Paid Sick Leave and Emergency FMLA Goes into Effect April 1, 2020 not April 2, 2020!
March 25, 2020 | Client AlertThe Department of Labor announced yesterday that Emergency Paid Sick Leave and Emergency FMLA Leave goes into effect on April 1, 2020. Although this is contrary to the date calculated under the statute, all employers who are covered by the Act should be ready by April 1st.