COVID-19 Updates, Related News, and Resources
We will be providing currently available information about Federal Tax Credits and COVID-19 related SBA disaster loans that could help your cash flow during this crisis.
Have any questions?
We are available for questions on tax credits, SBA loans, or any other issues. We will try to answer as many questions as possible via e-mail or can setup a time for a phone call if that is necessary.
Please also note that congress is hopeful that a new bill will pass and be signed today. There are minimal details at this point. We will let you know as we learn more.
Thanks, and continue to stay safe!
Extension of April 15th Deadlines
The U.S. Treasury Secretary has announced that the Federal April 15th deadline for both payments and filing has been extended until July 15th. This means that your individual tax returns and your 1st quarter 2020 estimated payments can be delayed for 3 months without penalties or interest. While North Carolina has not yet announced any changes to the state tax filing deadline, we are expecting that they will do so, and we will provide more information about NC deadline details when they are available. Several other states have already extended their tax deadlines.
Please note that the extension above applies to income tax payments only (individual or corporate); it currently does not apply to payroll taxes, excise taxes etc
SBA Disaster Loan
In particular, if you feel that you will need an influx of cash to help offset reduced cash flow please look at the SBA Disaster Loan Information. The online filing process for this is somewhat cumbersome and subject to delays as a large number of businesses are applying. However, the loans could be very helpful in getting you through the next few months.
US Department of Labor: FFCRA Questions and Answers
The US DOL has established a site to answer questions about regulations and provide compliance assistance to employers and employees regarding their rights and responsibilities under the Families First Coronavirus Response Act.