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Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

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Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

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Technology Solutions

Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

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Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

Learn More

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Richey May Headquarters
9605 S. Kingston Ct. Suite 200
Englewood, CO 80112
Directions
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

Technology Solutions

 

Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

Learn More

Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

Learn More

Technology Solutions

 

Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

Learn More

Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

Learn More

Contact Us

Richey May Headquarters
9605 S. Kingston Ct. Suite 200
Englewood, CO 80112
Directions
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

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Richey May Headquarters
9605 S. Kingston Ct. Suite 200
Englewood, CO 80112
Directions
303-721-6232
Alternative Investment

Update: Deferral of Employment Tax Deposits and Payments through December 31, 2020

Articles by: Richey May, Apr 15, 2020

(Relationship to Paycheck Protection Program Loans [PPP])

The IRS provided additional guidance in the form of Frequently Asked Questions and Answers.

In this guidance, the IRS clarified that employers who have received, or expect to receive a PPP loan, “may defer deposit and payment of the employer’s share of social security tax that otherwise would be required to be made beginning on March 27, 2020, through the date the lender issues a decision to forgive the loan in accordance with paragraph (g) of section 1106 of the CARES Act, without incurring failure to deposit and failure to pay penalties. Once an employer receives a decision from its lender that its PPP loan is forgiven, the employer is no longer eligible to defer deposit and payment of the employer’s share of social security tax due after that date.”

The amount of the deposit and payment of the employer’s share of social security tax that was deferred through the date that the PPP loan is forgiven continues to be deferred. The employer must deposit 50% of the payroll taxes that are deferred on or before December 31, 2021 and the remaining 50% must be deposited on or before December 31, 2022 in order to be considered as timely made.  If no PPP loan is received or if there is no forgiveness of the PPP loan, an employer can defer the deposit and payment of the employer’s share of payroll tax on payroll through December 31, 2020. Self-employed taxpayers may also defer 50% of the Social Security portion of self-employment taxes (i.e. – 6.2%) in their payments of estimated tax.

If you have any questions about the PPP Program or SBA Loans, contact us. We’re here to help you navigate COVID-19 relief.