Special Notice to Clients —
Hello All,
We wanted to update you some important financial considerations in light of the Coronavirus.
INDIVIDUALS:
The due date for filing and paying taxes for 2019 has been extended from April 15 to July 15. No extension form need be filed by April 15. There is no limitation on the amount of payment that may be postponed. The extension of payment also includes the first quarter, 2020 federal tax estimates. Additionally, there will not be any penalty or interest charged during this 90 day extension.
Details can be found at: https://www.irs.gov/pub/irs-drop/n-20-18.pdf
BUSINESSES:
Businesses with fewer than 500 employees can take advantage of new refundable payroll taxes to reimburse them dollar-for-dollar for the cost of providing leave to their employees as follows:
Paid Sick Leave – employees can receive 80 hours of paid sick leave and expanded paid child care leave when schools or day care providers are unavailable.
Complete Coverage – employers, including self-employed can receive 100% reimbursement
Fast Funds – dollar-for-dollar offset to payroll taxes will be provided and for those without payroll, an expedited refund will be available (the form is not available yet)
Small Business Protection – employers with fewer than 50 employees have expanded exemption for paid sick leave if the businesses viability is at risk.
Details can be found at: https://images.magnetmail.net/images/clients/NSACCT_1/attach/IR2057.pdf
We will continue to update you regarding these and other issues. We consider ourselves “essential personnel” as we help you financially survive the Coronavirus. Our processes have been designed to assist you … even if all travel is restricted. We are here for you.
KM&M CPAs