IRS/NH Tax Information

IRS Provides Guidance on Deductible Business Expenses and PPP Loans
The IRS has explained how it will handle the tax treatment of deductible expenses for businesses receiving Paycheck Protection Program loans. To prevent a “double tax benefit,” the IRS will not allow taxpayers to deduct trade or business expenses (e.g., payroll) associated with forgiven PPP loans, which under the CARES Act are not considered as taxable income. You can read the IRS guidance here.

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IRS Accepting Fax Claims for NOL Refunds and AMT Credits due to COVID-19
The Internal Revenue Service will temporarily be accepting claims by fax (hello 1980’s!), rather than requiring hard-copy mailing for net operating loss refunds and unused alternative minimum tax credits, two key provisions of the CARES Act intended to help businesses retain more liquidity. More information on the temporary faxing process can be found here.
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IRS provides guidance under the CARES Act for businesses with net operating losses
The Internal Revenue Service has issued guidance providing tax relief under the CARES Act for businesses with net operating losses. They are also providing a six-month extension of time to file Form 1045 or Form 1139, as applicable, with respect to the carryback of a net operating loss that arose in any taxable year that began during calendar year 2018 and that ended on or before June 30, 2019. Read the full IRS notification here.
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US Chamber Offers Employer Guides for Payroll Protection, Economic Injury Loans and More
The US Chamber of Commerce has published several user-friendly guides to help employers negotiate their way through various new programs resulting from the Cares Act economic stimulus. New guides include the Employee Retention Tax Credit, Economic Injury Disaster Loans, and the Payroll Protection Program.
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Governor Sununu Announces Business Tax, I&D Tax Filing Extensions
Governor Chris Sununu has announced that the State will be extending business tax payment (Business Profits Tax and Business Enterprise Tax) deadlines to June 15. 98% of New Hampshire small businesses will benefit from this extension. The State will also be extending interest and dividends payment deadlines to June 15.

​Additional information from the New Hampshire Department of Revenue Administration can be found in a press release issued by the NH Department of Revenue Administration and in a subsequent Technical Information Release issued by the Department.

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IRS, Federal Department of Labor provide COVID-19 related employer guidance
U.S. Treasury Department, Internal Revenue Service and the U.S. Department of Labor have outlined how small and medium sized employers covered by the provisions of the Families First Coronavirus Response Act can begin to take advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.
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Senate Committee releases summary of CARES Act for small business
The Senate Small Business Committee has released a helpful summary of provisions of the CARES Act (Coronavirus Aid, Relief and Economic Security Act) emergency stimulus bill focused on the small business community. The summary includes information on the “Paycheck Protection Program,” emergency economic injury grants , debt relief for Small Business Administration borrowers, and more.
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IRS, Federal Department of Labor provide COVID-19 related employer guidance
U.S. Treasury Department, Internal Revenue Service and the U.S. Department of Labor have outlined how small and medium sized employers covered by the provisions of the Families First Coronavirus Response Act can begin to take advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.