Overview of Cares Act sent to clients April 2, 2020

The CARES Act which was passed last week by Congress and signed by the President has a number of provisions that effect you and your business. I’ll try the summarize the most relevant and timely issues here. This is a broad overview – some may not be relevant to you/your business but I hope to …

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Effects of Families First Coronavirus Response Act (effective date 4/2/2020)

US Government-paid benefits: If you have COVID-19, or you’re quarantined, or caring for a COVID-19 person, or if you’re home because your child’s school or daycare center is closed – you’ll be eligible for benefits. Qualification is determined monthly – if you have 14 unpaid days from missing work in a month, you qualify. Days …

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Filing date is now extended to July 15, but please note the following

Treasury Secretary Mnuchin announced this morning (March 20, 2020) that the filing date for 2019 individual tax returns has been moved to July 15, 2020. You will not incur penalty or interest if the return is filed and paid by then. It appears that C corporations for calendar year 2019 are included in this announcement. …

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Coronavirus update – March 17, 2020

In a press conference on March 17, 2020, Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their income tax payments for the 2019 filing year for 90 days due to the coronavirus pandemic. During that time, the IRS will not charge interest or penalties. Limitations: Individuals can defer up to $1 million …

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