On Friday, March 27, 2020, the President signed into law the CARES Act, which contained $376 billion in relief for American workers and small businesses. Currently, as directed by the CARES Act, the U.S. Small Business Administration (SBA) is offering several assistance options for small businesses.
In IRS Notice 2020-23 released late last night, the IRS has adjusted the due date of the 2020 second quarter estimated tax payments from June 15 to July 15, 2020.
We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout.
Most emergency stimulus grants and loans will probably be administered through the SBA. You can apply for SBA disaster loans now. However, we have found the servers at the SBA are “down for maintenance”.
After a deluge of comments from the public, we now have conformity (mostly). The IRS announced that both the tax payment due dates AND the filing dates for tax returns have been pushed back to July 15.
As of noon Pacific time today, the stimulus package has not been passed and no details of how to apply for any stimulus monies is available.
While everyone is busy wondering how to store another 1000 rolls of TP in their garage, many are unaware of a sidebar problem – tax filings due April 15 can be affected if you are waiting on data from sources that have shut down or are working with less staff than normal.
Today the Treasury Secretary announced that the normal Tax Filing deadline of April 15 would be extended 90 days to July 15, 2020. Details have not been released yet however based on remarks it appears that:
At O&S, we are keenly aware of the potential impact of the coronavirus COVID-19. We are taking steps to provide for the continuity of our client services and the safety of our employees and clients as we navigate through the uncertainly of the outbreak.