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McSoley McCoy & Co.

Filing Deadline Update from Jerry Bowin

Contact Us 802-658-1808
Internal Revenue Service and Vermont have extended the time for taxpayers to file 2019 income tax returns, pay 2019 taxes due and to pay 2020 first quarter estimates.  All are now due on or before July 15, 2020.  The IRS and Vermont will waive late payment interest and penalties for this extended time.  

The IRS has also extended the payment date of second quarter estimates to July 15, 2020; however Vermont has not extended the due date of second quarter estimates so please make sure to pay Vermont on or before June 15, 2020.

March 25, 2020

Due to COVID 19 Pandemic, our office is closed for regular business hours, however we are still working. Please feel free to contact our staff via email, or by calling 802-658-1808. If you are dropping off tax informaion, please leave it in the secure box in front of our office door on the second floor and see the way to notify us that you have dropped off your information. 

Paycheck Protection Program Update
May 1, 2020

Congress has funded an additional $310 billion of the SBA Paycheck Protection Program (“PPP”) for small businesses effective April 27, 2020.  
    
PPP loans may qualify to be forgiven if used to pay eligible costs during an eight-week period, with the forgiveness being reduced if less than 75% of the funds are spent on payroll.
    
Many questions have arisen regarding the details of how this loan forgiveness is calculated.  SBA is expected to issue its guidance shortly.  In the meantime, the IRS has just issued Notice 2020-32 confirming that while any PPP loan forgiveness is not taxable, the related eligible costs paid (such as payroll, rent, utilities, mortgage interest) are not tax deductible.  

PLEASE NOTE:  The American Institute of CPA’s (“AICPA”) believes strongly that the IRS’s interpretation is contrary to Congress’s intent and is actively seeking legislative clarification to allow deductibility of PPP covered costs – stay tuned!