e-News for Small Business Issue 2020-8

e-News for Small Business May 13, 2020
Tax Resources for Small Business Small Business and Self-Employed One-Stop Resource Small Business Forms & Instructions Small Business Events Small Business Webinars e-File for Businesses and Self-Employed Businesses with Employees Small Business Products Self-Employed Individuals S Corporations Other Resources IRS.gov Find it Fast! All Forms and Instructions Filing Your Taxes Make a Payment Taxpayer Advocate Service Retirement Plans Tax Information for Charities and Other Non-Profits State Links SSA/IRS Reporter IRS Social Media	e-News for Small Business, Issue 2020-8 Go to IRS.gov/coronavirus for all the latest updates on Coronavirus tax relief Three new credits available to many businesses hit by COVID-19 New IRS.gov page answers your COVID Filing and Payment questions Latest information for the small biz community regarding the Economic Impact Payments IRS Notice clarifies deductibility of the Paycheck Protection Program's small business loans 1.  Three new credits available to many businesses hit by COVID-19 Good news for employers affected by COVID-19: Three new credits may be able to assist them: Employee Retention Credit - Designed to encourage businesses to keep employees on their payroll. Paid Sick Leave Credit - Designed to allow a business to get a credit for an employee who is unable to work (including telework) because of Coronavirus quarantine or self-quarantine or has Coronavirus symptoms and is seeking a medical diagnosis. Family Leave Credit - The employer can also receive a credit for employees who are unable to work due to caring for someone with Coronavirus or caring for a child because the child's school or place of care is closed, or the paid childcare provider is unavailable due to the Coronavirus. For more information: IRS: Three new credits are available to many businesses hit by COVID-19 New Employee Retention Credit helps employers keep employees on payroll About Form 7200, Advance Payment of Employer Credits Due to COVID-19 Back to top 2.  New IRS.gov page answers your COVID filing and payment questions The IRS has produced a new IRS.gov page to address questions raised by self-employed taxpayers, business owners and their employees. The Filing and Payment Deadlines Questions and Answers page will be updated often to reflect latest updates and information related to filing your 2020 income tax returns, the changes due to the Coronavirus pandemic and resulting tax legislation. Back to top 3.  Latest information for the small biz community regarding the Economic Impact Payments The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments in less than a month, and more are on the way. Some taxpayers may have received a payment amount different than what they expected. Payment amounts vary based on income, filing status and family size. See the IRS news release: Why the Economic Impact Payment amount could be different than anticipated for some common scenarios that may explain a different payment amount than expected. Back to top 4.  IRS Notice clarifies deductibility of the Paycheck Protection Program's small business loans IRS Notice 2020-32 provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer's trade or business when the taxpayer receives a loan pursuant to the Paycheck Protection Program. The guidance clarifies a point of confusion in the small business loan program to help businesses during the Coronavirus shutdowns. Back to top             Thank you for subscribing to this IRS email service. This message was distributed automatically from the mailing list e-News For Small Business. Please Do Not Reply To This Message.

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