IRS Updates Guidelines to Allow Deferral of Employer Social Security Tax

By: BrownWinick | 07.15.2020

  Following the passage of the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), the Internal Revenue Service (IRS) has updated their FAQ regarding an employer’s ability to defer Social Security taxes. Now, even employers that have received partial or full forgiveness of their PPP loan may defer the payment of Social Security taxes due Read…

Reminder On Upcoming Deadlines For Filing Income Tax Returns And Paying Income Tax

By: Christopher Nuss | 07.02.2020

Because of the ongoing pandemic, several due dates for filing tax returns and paying tax related thereto have been extended. Click here for details. This is a reminder of certain upcoming filing and payment deadlines for both the Internal Revenue Service (IRS) and the Iowa Department of Revenue (IDOR). Please see the following table and Read…

IRS Expands Relief for Qualified Opportunity Zones Due to COVID-19

By: Maggie Simonson | 06.16.2020

  Qualified Opportunity Funds (“QOF”) were created in 2018 as a new investment vehicle to provide preferential income tax treatment for private investment in certain distressed communities designated as Qualified Opportunity Zones (“QOZ”). Provided the requirements are met, reinvesting proceeds from certain capital gains into QOFs and QOZ businesses offers taxpayers the following tax incentives: Read…

Iowa Tax Update for COVID-19

By: Maggie Simonson | 05.07.2020

  Filing and Tax Payment Extensions to July 31, 2020 and Possibly January 31, 2021 The Iowa Department of Revenue has extended the tax return filing and payment deadline to July 31, 2020 for certain individual, composite (nonresident partners), partnership, corporate, S corporation, fiduciary (not including Iowa Form 706 Inheritance Tax returns), franchise, and moneys Read…

COVID-19 – Additional Employer Funding Sources

By: Cynthia Boyle Lande | 04.09.2020

  Many businesses are asking questions about new SBA loans available under the Paycheck Protection Program (PPP). Oftentimes businesses are not aware of other new resources available in the form of refundable advance tax credits — reimbursing the cost of employee wages paid in connection with COVID-19. In many cases, the credits available can exceed Read…

The CARES Act – How Could It Impact Your Tax Situation?

By: Christopher Nuss | 03.30.2020

  Late Friday, March 27, President Trump signed the third stimulus package (the Coronavirus Aid, Relief, and Economic Security (or CARES) Act) with an estimated cost of $2 trillion to help offset the effects of the COVID-19 virus. The Act contains many tax-related provisions for both businesses and individuals. Of most importance are the following, with Read…

Employer Payroll Tax Credits for COVID-19

By: Christopher Nuss | 03.23.2020

  Updated 4/1/2020 On March 18, 2020, President Trump signed the “Families First Coronavirus Response Act” into law. The law, which will go into effect on a date chosen by the Treasury Secretary (no later than April 2, 2020), creates two new federally-required employee benefits. BrownWinick has previously written about the new law in detail. Read…

Hold that Cash . . . for a Few More Weeks! Property Tax Payments Suspended Until April 16, 2020

By: Katheryn Thorson |

  As we have seen over the last couple of weeks, the government has continued to relax a number of restrictions and regulations in order to provide relief during the COVID-19 outbreak. Governor Reynolds signed another State Public Health Emergency Declaration on Friday, March 20, 2022. Among other items, the declaration suspends the collection of Read…

Effects of COVID-19 on 1031 Exchange Deadlines

By: Katherine McKain | 03.20.2020

  Following President Trump’s emergency declaration on March 13, 2020, with respect to the COVID-19 outbreak, the U.S. Treasury Department (the “Treasury Department”) and Internal Revenue Service (“IRS”) issued guidance on special payment relief to individuals and businesses. However, as of the date of this post, no extensions or other relief apply to 1031 exchanges. Read…

Guidance on Tax Payments Following COVID-19 Outbreak

By: Cynthia Boyle Lande | 03.19.2020

  UPDATE: 4/10/2020 Yesterday, the IRS announced it is expanding the scope of what returns and taxes are now due July 15, 2020 (similar to previous announcements below). The new deadline more broadly applies to taxpayers with a filing or payment deadline on or after April 15 and before July 15, whether that is an Read…