RTBH COVID-19: CARES Act Updates

CARES Act: The Coronavirus Aid, Relief, and Economic Security Act - Update President Trump this afternoon signed the CARES Act, a $2 trillion aid package for Americans in response to the Coronavirus crisis facing our nation. Below is an outline of a few CARES Act specifics that we feel you should be aware of: Individual Tax Relief\ Based on your 2019 tax return, or your 2018 tax return if 2019 has not already been filed, the IRS will issue payments in the amount of $1,200 for single filers or $2,400 for married filing jointly, plus $500 for each child under the age ...

Alabama tax-filing DEADLINE extended to July 15

As expected, Governor Ivey and the Alabama Department of Revenue announced that the Alabama state income tax filing due date is extended from April 15, 2020, to July 15, 2020, in accordance with the recently extended federal deadline. Taxpayers can also defer state income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations, and other non-corporate tax filers, and includes the Business Privilege Tax. We pledge to keep you informed as additional information becomes available. Should you have ...

Small Business Administration – Update For Clients

Small Business Administration offers simplified processing for loans up to $500,000 to cover six months of lost gross profits. As we all know, the COVID-19 pandemic is a crisis of unprecedented proportion and we feel the assistance by the federal government will be just as unprecedented. To help assist through this crisis, we are available. As of now, the small business administration is offering a simplified processing for loans up to $500,000 to cover six months of lost gross profit margin. The loan will be a 30-year term at a fixed rate of 3.75%. There will be an 11 month ...

Tax-Filing Deadline Update For Clients

Federal tax-filing DEADLINE has been moved to July 15th. In response to the novel coronavirus pandemic, Treasury Secretary Steven Mnuchin announced today, March 20th, that the tax filing deadline will move from April 15 to July 15. All taxpayers and businesses will have an additional three months to file and make payments without interest or penalties. He went on to encourage taxpayers to file their taxes as scheduled to ensure they get refunds in a timely matter. At the time of this communication, the State of Alabama has not released any updates on possible deadline extensions or waived penalties, but ...

RTBH Tax-Filing Deadline Update

In response to the novel coronavirus pandemic, Treasury Secretary Steven Mnuchin announced that individual taxpayers can defer their payment for 90 days, interest and penalty-free, up to $1 million to include pass-throughs and small businesses — and $10 million for corporations. At the time of this communication, the State of Alabama has not released any updates on possible deadline extensions or waived penalties, but we anticipate the same relief being granted. As a protective measure, we are filing extensions for all of our clients.  We hope this will put your mind at ease from a tax obligation standpoint for the time ...