COVID-19

The US government is announcing numerous endeavors to provide relief from the effects of the Coronavirus pandemic. As tax and business announcements become codified we will post them.<

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As part of our COVID-19 response, we are asking clients to submit tax information digitally, when possible, via our Document Access Portal, and are making extensive use video or telephone conferences in lue of appointments.<

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If you do not have a personal portal setup please use: Document Upload<

Below is a listing of our content based on your selected topic, click on the titles below for more information. If the term is unfamiliar, see the Term Glossary<.

Families First Coronavirus Response Bill

The US House of Representatives approved Families First Coronavirus Response Bill could provide $15 million to worth of tax credits for paid sick, family, and medical leave. Treasury Secretary Steven Mnuchin stated that "this bill will provide significant relief to small businesses that cannot afford the employee costs associated with coronavirus.... The bill provides a dollar for dollar reimbursement for coronavirus related sick leave costs. To protect businesses concerned about cash flow, the Treasury will use its regulatory authority to advance funds to employers in a number of ways," Furthermore he added. "Employers will be able to use cash deposited with the IRS to pay sick leave wages. Additionally, for businesses that would not have sufficient taxes to draw from, Treasury will use its regulatory authority to make advances to small businesses to cover such costs."

Note, as of March 17, 2020 this bill has not passed the US Senate.

In summary the bill provides the following tax credits:

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President Announces 90 Day Extension to Pay

As part of Coronavirus relief, President Donald Trump announced a 90-day extension for Individuals and Corporations to pay certain tax payments. Critically: at this time, it may be that this is only an extension to pay, and not an extension to file. There is much that is unknown, and we are seeking guidance from the IRS. However, it was announced that the IRS will not invoke penalties and interest on tax payments under $1 million for individuals and $10 million for corporations.

It is our recommendation that taxpayers make their best efforts to get us relevant 2019 tax year information as soon as possible.

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Tax filing deadline also moving to July 15

At @realDonaldTrump<’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.

— Steven Mnuchin (@stevenmnuchin1<)

As stated before, we are strongly encouraging clients, who have the ability, to send their tax information. Many state returns will not match the extended federal due date.

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Three Steps for Business Stimulus

We have been contacting our business clients to assist them in receiving stimulus funds. Every industry, whether directly or indirectly, is being severely impacted by the effects of COVID-19. Frankly the law changes and various programs can seem overwhelming, but do not get lost in the deluge of misinformation that is being released.

Here are three steps you have to do *now* in order to receive the first wave of business stimulus:

Learn More...

Main Office: 1634 Main Street Sarasota, Fl 34236 USA	Telephone: 800.433.4CPA 941.957.0775	Fax: 941.957.0778	Email:

COVID-19

The US government is announcing numerous endeavors to provide relief from the effects of the Coronavirus pandemic. As tax and business announcements become codified we will post them.<

<

As part of our COVID-19 response, we are asking clients to submit tax information digitally, when possible, via our Document Access Portal, and are making extensive use video or telephone conferences in lue of appointments.<

<

If you do not have a personal portal setup please use: Document Upload<

Families First Coronavirus Response Bill

President Announces 90 Day Extension to Pay

Tax filing deadline also moving to July 15

Three Steps for Business Stimulus

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