Tag Archives: extension

IRS ANNOUNCES RELIEF FOR INDIVIDUALS AND BUSINESSES IMPACTED BY THE TERRORIST ATTACKS IN ISRAEL

On Friday, October 13, 2023, the IRS announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel.  IRS Notice 2023-71 provides relief to certain taxpayers who, due to the terrorist attacks, may be unable to meet a tax-filing or tax-payment obligation.   These taxpayers now have until October 7, Read More…

IRS EXTENDS INDIVIDUAL, BUSINESS & PAYROLL TAX FILING DEADLINES FOR HURRICANE IAN VICTIMS

On September 29, 2022, the IRS issued news release 2022-168 regarding Hurricane Ian. This release  extends all tax return filing and tax payment deadlines starting on September 22, 2022 for individuals and business located in any area designated by the Federal Emergency Management Agency (FEMA), until February 15, 2023.   As of this date, all counties Read More…

EIDL BORROWERS RECEIVE ADDITIONAL DEFERMENT

On March 15, 2022, Isabella Casillas Guzman, the head of the U.S. Small Business Administration announced that the SBA is providing an additional deferment for existing borrowers of Economic Injury Disaster Loans (EIDL loans).  The additional deferment provides for a total of 30 months deferment of principal and interest payments, from the date of the Read More…

DEADLINE EXTENDED FOR PPP LOAN APPLICATIONS

The U.S. Senate passed legislation (PPP Extension Act of 2021) on March 25, 2021 that provides a 60-day extension for eligible employers to apply for a Paycheck Protection Program (PPP) loan. The House of Representatives approved the legislation on March 16, 2021. The application deadline was set to expire on March 31, 2021, but now Read More…

TAX DAY EXTENDED FOR INDIVIDUAL TAXPAYERS

The anticipated April 15th deadline to file individual income tax returns and payments has been extended by the Treasury Department and Internal Revenue Service to Monday, May 17, 2021.  Without filing an extension, individual’s income tax filings, and payments are not due until May 17th.  This relief does not apply to estimated tax payments that Read More…

TREASURY DEPARTMENT DEFERS TAX PAYMENTS

Congress Announced: Secretary Mnuchin Defers Tax Payments, Delivers Relief for Taxpayers & Small Businesses Because many families, businesses, and tax preparers may be unable to meet their tax obligations despite their best efforts, President Trump is allowing “the Treasury Department to defer tax payments, without interest or penalties, for certain individuals and businesses negatively impacted.”The Read More…

ELECTRONIC COMMUNICATIONS TO REDUCE THE SPREAD OF COVID-19

The health & safety of our clients and employees is paramount and therefore, BKC has been taking enhanced precautions concerning the spread of Coronavirus (COVID-19). Fortunately our workforce has not been directly impacted by COVID-19 with no known cases.  However, our office doors are currently closed as it relates to the NJ shutdown.  Most of Read More…