03.26.20
BREAKING NEWS: Illinois Income Tax Filing and Payment Extension Not Perfect
On Wednesday, March 25, 2020, Governor Pritzker announced that the 2019 income tax filing and payment deadline is now extended from April 15, 2020 to July 15, 2020.

03.26.20
More Than $90 Million in Emergency Assistance Available for Illinois Small Businesses
On Wednesday, March 25, 2020, Governor Pritzker announced several new emergency assistance programs.

03.26.20
Senate Passes the Coronavirus Aid, Relief, and Economic Security (CARES) Act
The Senate has passed the Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act. It is expected to be ratified by the House and quickly signed by the President. Estimated at over $2 trillion, the relief package is the largest in U.S. history.

03.24.20
Small Business Administration Disaster Loans
Illinois has been declared a disaster state due to the COVID-19 pandemic. Illinois small and mid-sized businesses are now qualified to apply for SBA Economic Injury Disaster Loans up to $2 million directly through the Small Business Administration.

03.23.20
What You Need to Know About the Families First Coronavirus Response Act
On March 18, 2020 the Families First Coronavirus Response Act was signed into law. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic. Employers’ increased costs can be offset by new tax credits.

03.23.20
Tax Credit for Small and Mid-Size Businesses Providing Coronavirus-Related Paid Leave
In our previous Client Alert, What you need to know about the Families First Coronavirus Response Act, we provided a general overview of the recent Act.  The Act mandated businesses with fewer than 500 employees provide their employees paid sick leave and expanded family and medical leave for COVID-19 related reasons and created two new refundable payroll tax credits to reimburse the employer for the cost of providing this leave. 

03.21.20
BREAKING NEWS: Tax Filing and Payment Deadlines
As we reported yesterday, the Internal Revenue Service has postponed the tax filing and payment deadlines for calendar year taxpayers until July 15, 2020. Revised guidance has now been issued which expands the provisions to remove the dollar limitation on the amount of the payment that may be postponed until July 15.

03.20.20
BREAKING NEWS: U.S. Treasury Secretary Now Says Tax Filing Deadline Is Moved to July 15
U.S. Treasury Department Secretary Steven Mnuchin announced this morning that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19) outbreak. 

03.18.20
U.S. Treasury Department Delays April 15 Payment Deadline; Announcement Does Not Delay the April 15 Filing Deadline
On Tuesday, March 17, Treasury Secretary Steven Mnuchin announced at a press conference that individuals and corporations can delay their tax payments until July 15 due to the coronavirus pandemic.  Mnuchin stated that individuals can defer up to $1 million in payments for 90 days from the April 15 deadline and corporations can defer up to $10 million in payments for 90 days.

03.13.20
Message To Our Clients About COVID-19
We want to let you know that we are closely monitoring information from the Centers for Disease Control (CDC), as well as local and state authorities, relating to the COVID-19 outbreak and the potential impact on our ability to provide exceptional client service to you during this time.  It is important that we protect your health and the health of our personnel, their families and our communities.