Recent Updates to the CARES Act
Deferral of Employer Share of Social Security Tax
The CARES Act provided for the deferral of the employers share of social security tax. Originally, if you applied for the Paycheck Protection Program (PPP) loan, this was not available. There was a recent announcement that employers may defer deposit and payment of the employers share of social security tax that would otherwise be required to be made on March 27, 2020, through the date the lender issues a decision to forgive the loan without incurring failure to deposit or failure to pay the penalties. Once an employer receives notice of forgiveness of the PPP loan, the employer social security tax relating to the forgiven portion of payroll will be due.
Second Quarter Estimates
Taxpayers that are scheduled to make quarterly estimated tax payments to the IRS were recently granted an extended deadline to July 15, 2020 from June 15, 2020 by the IRS.
Current Tax Deadlines:
- 2019 Individual Tax Returns and Associated Tax Payments – July 15, 2020
- 2020 First Quarter Estimates – July 15, 2020
- 2020 Second Quarter Estimates – July 15, 2020
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Our team at MNMW is working constantly to bring you the most recent news and updates related to the COVID-19 crisis that could impact you and your loved ones. In a continuing effort to maintain the health and safety of our valued clients, our team, and the community and to cooperate with the advice of health officials, MNMW lobbies in Fort Myers and Naples will be closed to the public until further notice.
For more information you can visit our MNMW Coronavirus (Covid-19) Resource page with the button below or call in at (239) 433-5554.
