When it comes to income tax returns, April 15 isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations, and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes is March 15. Why the deadline change? One of the primary reasons for moving up the partnership filing deadline was to make it easier for owners to file their personal returns by the April filing deadline. After […]
New legislation was passed by Congress and signed by former President Trump, providing additional relief for businesses and individuals during the COVID-19 pandemic. The right to take out a second loan under the Paycheck Insurance Program is one aspect of the Consolidated Appropriations Act (CAA) that small business owners would find appealing (PPP). The Fundamentals The CAA allows some smaller companies that have earned a PPP loan to take out a $2 million “PPP Second Draw Loan.” To be qualified, […]
