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IRS Extends Filing Deadline to July 15, 2020

April 3, 2020 | Client Alert

Americans will have an additional three months to file their taxes amid the coronavirus pandemic, the US Treasury Secretary said on Friday, March 20. “We are moving Tax Day from April 15 to July 15,” Secretary Steven Mnuchin wrote on Twitter. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

CCM COVID-19 Alert – President Signs CARES Act Into Law

April 3, 2020 | Client Alert

On Friday, March 27, 2020, the U.S. House of Representatives passed the “Coronavirus Aid, Relief and Economic Security Act” (the “Act”), which the Senate had previously passed. President Trump later signed the Act into law this afternoon, delivering much needed relief to individuals and businesses.

Illinois Department of Revenue Waives Penalties for Late Sales Tax Payments from Bars and Restaurants

April 3, 2020 | Client Alert

Governor 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 Alert

Late 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 Alert

Treasury 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.

Illinois Extends 2019 Tax Filing and Payment to July 15, 2020

April 3, 2020 | Client Alert

The 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.