Not All Tax Deadlines Have Been Delayed: Form 941 is Still Due April 30, and Your Second Quarter 941 Will Put Money in Your Pocket

Not All Tax Deadlines Have Been Delayed: Form 941 is Still Due April 30, and Your Second Quarter 941 Will Put Money in Your Pocket

           

While many tax filing and payment deadlines have been delayed in response to the Covid-19 pandemic (HERE IS A LINK to a review of many of those delays), not all deadlines are delayed.  One filing deadline that is NOT delayed is that for the federal Form 941.  

There is, however, something of a silver lining.  While your first quarter 941 is due next week, along with the related taxes, the second quarter 941 will afford you the opportunity to hold back some of the taxes otherwise due and apply them to your bottom-line. HERE IS A LINK to a review of that program.

FYI, and this will be covered in a post to be released next week, if you received a Paycheck Protection Program loan, you will not be able to use this new facility.

The Fall of Troy

Beware Greeks Bearing Gifts

      Today marks the anniversary of the traditional Fall of Troy in 1184 B.C., thereby bringing to its culmination the Trojan War.

      The Fall of Troy is not recounted in Homer’s Iliad, the iconic epic, it rather covering only a period of ten days to two weeks within the supposed ten-year span of the war.  The Fall of Troy through the subterfuge of the Trojan Horse is briefly mentioned in the Odyssey and is referenced in several other Greek sources.  The story would not find, however, its full development until Virgil’s Aeneid.

      Some modern historians have attempted to explain the story as an analogy, suggesting actually that an earthquake – Poseidon, whose portfolio included horses and favored the Greek cause, was as well the god of earthquakes.  I, for one, would rather retain the literal interpretation.

      Regardless it is a great story, especially the fall of Achilles to Paris after the former killed Hector.  

            Some might consider the Trojan War to be ancient history.  It’s all matter of perspective.  At the time of the Fall of Troy the Egyptian civilization had been flourishing already for 2000 years.

The Paycheck Protection Program: Round Two

The Paycheck Protection Program: Round Two

         By all indications Congress with at some point this week, and perhaps as soon as tomorrow, approve additional funding for the Paycheck Protection Program. The original appropriation of $349 million was exhausted last Thursday; according to press reports the phase two appropriation will be $310 million.

      HERE IS A LINK to some of my thoughts on what companies still seeking a PPP loan should be doing today, even before the new appropriation is approved.

So, Your Customer Just Filed Chapter 11; What are the Five Things You Should Do Today?

So, Your Customer Just Filed Chapter 11; What are the Five Things You Should Do Today?

My law partner Lea Goff has drafted a very helpful article So, Your Customer Just Filed Chapter 11; What are the Five Things You Should Do Today? 

HERE IS A LINK to the article.

To the Great Regret of So Many Highschool Students

To the Great Regret of So Many Highschool Students

       Today, in 1397, at the court of King Richard II, Geoffrey Chaucer began the presentation of the Canterbury Tales.  The Canterbury Tales would go on to be a classic of English  (actually late Middle English) literature, joining several other contemporaneous works in using English rather than French or Latin for "literary" works.  

Today Is Not Tax Day

Today Is Not Tax Day

      In any normal year, April 15 will see a flurry of effort to complete federal and state income tax returns or, in the alternative, file for extensions and make estimated payments toward those extended returns.  With the coronavirus pandemic, 2020 is not a normal year.  In response to the pandemic, federal, state and local governments have deferred a number of return and payment dates.

      With my friends Tim Eifler, Jim Martin and Steve Sherman, all of Stoll Keenon Ogden,  we have drafted a summary of the deferral’s with respect to tax returns that would otherwise be due today or are coming due in the near future, as well as the deferral of a number of payment dates for both 2019 taxes and 2020 estimated tax payments.

      HERE IS A LINK to that article; I hope you find it helpful.

The Paycheck Protection Program: Answers To Your Questions

The Paycheck Protection Program: Answers To Your Questions 

 HERE IS A LINK to a discussion of PPP loans