Conlon & Company CPAs

What happens if your business received a PPP loan or Economic Injury Disaster Loan and closes? While PPP and disaster loans under $25,000 are most likely to be discharged in the event of a bankruptcy, larger disaster loans may prove problematic for business owners if they permanently close. Read more at CNBC https://www.cnbc.com//heres-what-happens-if-a-business-clo

The Paycheck Protection Program Loan offers small businesses a potentially forgivable loan to cover payroll costs. Although the initial $349 billion for this program has been exhausted, it is anticipated that another $250 billion will be added shortly. We are still preparing applications so that your business can get the money it needs. Contact us to discuss how we can help your business, or view our CARES Act summary for more information here: http://www.conlonandcompany.com/caresact.html

2020 may be the best time convert your Traditional IRA to a Roth IRA. Low tax rates, uncertainty of future tax rates, and low cost funds may have combined to create the perfect storm. Read more at Barrons: https://www.barrons.com//covid-19-crisis-creates-a-perfect

New York State Governor Andrew Cuomo indicated during his press conference today that New York State does not determine their own filing deadlines, but operates off of the IRS schedule. As such, it appears that the filing deadline for New York State has also been extended to July 15, 2020.

IRS Treasury Secretary Mnuchin announced today that the IRS will automatically extend the filing deadline to July 15, 2020. There has been no update from New York State regarding extensions and at this time, returns for New York are still due on April 15, 2020.