COVID-19

March 20, 2020 12:00 AM to April 30, 2020 12:00 AM
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Governments are moving quickly to curtail the adverse effects related to the novel Coronavirus, including extending tax benefits and adjusting tax regulations. Within the last 48 hours alone, there have been two major changes: a 90-day federal tax payment extension for many taxpayers and the creation of several new tax credits for employers as part of the Coronavirus Relief Bill. Governor Wolfe has also issued a list of life-sustaining businesses able to remain open during this crisis and airports are among them. Additionally, here is the link for a poster for Employee Rights Paid sick Leave and expanded family and medical leave under the Families First Coronavirus Response Act.

Read on to learn more about these two major changes, courtesy of Concannon Miller.

  1. Federal Tax Payment and Filing Extended
    The federal government has announced a 90-day federal tax payment extension as well as tax filing until July 15. Stay tuned for info on the payment of state and local taxes.
  1. Employer Tax Credits for Coronavirus Relief
    The new Coronavirus Relief Bill signed into law Wednesday contains several tax credits for employers who provide paid sick leave or family or medical leave for their employees who miss work for various coronavirus-related reasons. There are provisions for self-employed individuals, as well, and different rules for companies of different sizes, especially those with under 50 employees and those with over 500.

Get more details on these new tax credits in this Journal of Accountancy article.