The economic implications of the COVID-19 pandemic are shaping up to be seismic. On March 25, the Senate passed a third economic stimulus package, the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.
Businesses are doing their part to help prevent the spread of COVID-19 by following CDC guidelines for disinfecting and offering remote work arrangements for employees. The COVID-19 outbreak has forced many business owners to put their contingency plans into place to keep operations going, and some are wondering how they will make payroll.
Earlier this week, Treasury Secretary Steve Mnuchin delayed the deadline for individual tax payments by 90 days, moving the deadline to July 15 from April 15, when individual tax returns are normally due. Today Secretary Mnuchin took to Twitter to announce that the deadline for individual income tax filings has been extended to July 15, 2020.
President Trump just signed into law a second phase of coronavirus-related relief, called the Families First Coronavirus Response Act. It’s a $100 billion relief package designed to offer help to businesses and their employees who are impacted by the coronavirus. The first phase of relief, an $8.3 billion piece of legislation, was dedicated to coronavirus vaccine research and development. This new legislation includes provisions for tax credits for employers who offer paid sick leave or family or medical leave for their employees who miss work for various coronavirus-related reasons. Let’s take a closer look at the FFCRA and what it means for businesses and employees, and what business owners need to be ready to offer to employees by April 2.
Every business wonders how they can pay less in taxes. Or at least that’s what the firm’s managing partner, David Goldner told me when we sat down on the set of Next Level to chat about tax challenges that growing businesses often face.
With the holidays over, tax-minded individuals are now focused on gathering their paperwork to file 2019 returns and project what their tax situation will look like in 2020. Each year, Congress decides to extend or let expire various provisions of the tax law. This article summarizes some of the more commonly-used “extenders” so individuals and business owners may understand the impact of various courses of action.