RTBH Announcements

The House of Representatives is scheduled to vote today, April 23rd, on a $484 billion interim coronavirus relief package. This Paycheck Protection Program and Health Care Enhancement Act, once approved by the House, is expected to be signed by the President. Included in the provisions are the following: $310 billion to replenish the Payroll Protection Program $75 billion for hospitals $25 billion for disease testing $60 billion in disaster aid Due to the high demand for the Payroll Protection Program loans, it is anticipated that the funds will be depleted quickly. If you have not yet submitted your loan application to your financial institution, ...

Good afternoon, Please see below for much-awaited guidance released late yesterday regarding loan applications for Self-Employed Individuals: Eligibility for PPP Loan You were in operation on February 15, 2020 Your principal place of business is the United States You filed, or will file, a 2019 Form 1040 Schedule C Self-Employed Partners in a Partnership or LLC Include as payroll cost (up to $100,000 annualized) on an application filed by the partnership or LLC Not permitted to submit a separate application as a self-employed individual Maximum Loan Amount if No Employees Net profit from 2019 Form 1040 Schedule C Line 31 ...

Good Afternoon, Following up on the Federal announcement this morning, the Alabama Department of Revenue announced this afternoon that Alabama taxpayers can defer state income tax payments due on or after April 1, 2020 (previously April 15,, 2020) and before July 15, 2020, to July 15, 2020 without penalties and interest, regardless of the amount owed. This deferment applies to individuals, trusts and estates, corporations, fiscal year S-Corporations and fiscal year partnerships. These extensions also apply to Business Privilege Tax and Financial Institution Excise Tax. We will continue to keep you informed as additional information becomes available and please do not hesitate to reach ...

Good Morning, Previously, the Secretary of the Treasury granted an extension of time until July 15, 2020, to make payments and file tax returns that were otherwise due April 15, 2020. Late yesterday, additional broad tax filing and payment relief was granted. This additional relief applies to certain taxpayers who have a filing requirement or payment deadline on or after April 1, 2020, and before July 15, 2020. During this period, there will be no interest, penalty, or additional tax assessed. Payment and filing obligations included in this additional relief are: Individual income tax payments and return filings on Form 1040 Quarterly estimated ...