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 How the Coronavirus Affects Small Businesses & the Self Employed (as it relates to taxes & loans)... If you are sick and tired of those two words that have somehow been turned into one "coronavirus" I totally get it but that doesn't mean we can bury our heads in the sand and not listen to or follow the guidelines being set out by Government Officials & Health Professionals.. Caution: Before diving into the blog topic, let me first remind you to exercise great caution when being directed to a random website (.com .net .info... etc). Government directives providing information, guidelines, financial relief or requesting completion of a form that requires personal information, are typically housed on a government website with ".gov" included in the URL. Bottom line, unless you are on a .gov site or a site you know & trust, do your due diligence before acting upon any instructions given and certainly before providing any personal information. Avoid being a victim to the new scams surfacing in light of the Coronavirus pandemic! To learn how to protect yourself against the Coronavirus please visit this official government website: https://www.cdc.gov/coronavirus Several other official COVID-19 websites are also provided throughout this blog. Back to the main purpose of this blog. I received the information below from my CPA yesterday (3/18/20) and thought it would be helpful to share it in the form of a blog. As a 'thank you' to my CPA firm, I have given them some free advertising by including a link to their website. The following information is courtesy of Campbell Jones Cohen CPAs | www.yournevadacpa.com Extension for Filing Tax Return: The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return. This payment relief includes: Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief. Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due. This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15. This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details. More information is available at https://www.taxadmin.org/state-tax-agencies. SBA Disaster Loans: Business owners should apply online in the Disaster Loan Application Portal at https://disasterloan.sba.gov/ela. The electronic loan application will be screened when it is received. FOR ALL APPLICATIONS THE FOLLOWING ITEMS MUST BE SUBMITTED.
This information has been brought to you by "Campbell Jones Cohen CPAs" (Mar 18, 2020) CALIFORNIA RESIDENTS can also visit https://covid19.ca.gov, https://www.ftb.ca.gov to obtain information that is specific to California and http://publichealth.lacounty.gov specific to residents of Los Angeles County . Based on a 03/18/2020 update... Sacramento – The Franchise Tax Board (FTB) today announced updated special tax relief for all California taxpayers due to the COVID-19 pandemic. FTB is postponing until July 15 the filing and payment deadlines for all individuals and business entities for:
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