California Governor Offers Tax Deferral Option

Earlier this week, Governor Gavin Newsom announced a new temporary three-part program for small businesses in California in an effort to help them cope with the economic fallout from the coronavirus pandemic.  Newsom explained that two of the components of the program are available to small businesses with larger businesses targeted by the third component…

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IRS Issues Guidance on Payroll Tax Deferral

Last Friday, the Internal Revenue Service (IRS) along with the U.S. Department of the Treasury published a new guidance relating deferral of the employee share of payroll taxes for social security. The guidance (Notice 2020-65) provides that an employer choosing to defer the payment of employee payroll taxes between now and the end of the…

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With Congress’ Inaction, Trump Issues Executive Orders

Last weekend, President Trump followed through on his threat to provide relief to Americans through Executive Orders if Congress couldn’t reach agreement on a new relief bill. They couldn’t so he did, signing 4 EOs under the broad heading of coronavirus stimulus.  Of particular import to business interests, he authorized deferral of the employee share…

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States Want More Revenue Too

And it’s not only the major cities that are looking to fill their coffers off the back of hurting businesses.  For example, we’d point to Michigan, where the state legislature sought to help businesses get back on their feet by passing 5 bills that all would have altered the tax liabilities of businesses within the…

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