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COVID-19: Tax and Business Ramifications

Posted by Admin Posted on Mar 20 2020

With the pandemic of COVID-19, also known as the Coronavirus, the IRS and state governments have been adjusting deadlines and put in emergency protocols to assist taxpayers. Most relevant to taxpayers, the IRS first pushed back the payment deadline 90 days to July 15th, then moved the filing deadline to that same date. Payments originally due April 15th will be penalty free and interest free for that time period.

The Families First Coronavirus Response Act allows for small businesses to compensate employees affected by this pandemic beginning April 2nd and they will receive tax credits towards their payroll taxes. Stimulus checks have been discussed to assist taxpayers through this difficult time. Foreclosures have been halted for sixty days. State governments are adapting in different ways. In our home state of Massachusetts, collection of sales, meals and room occupancy tax has been suspended for that due in March, April, & May, with all payments due June 20th, however the filing deadlines for these returns have not changed. The unemployment one-week waiting period has been waived. Disaster funding has been made available with the Commonwealth and the SBA. More emergency regulations will be coming amid an extremely fluid situation. Please contact our office at info@fjhcpa.com to see how these changing regulations may affect you.