HSC COVID-19 Fast Response Team
We are here to help!

In these uncertain times with multimedia channels reporting conflicting and sometimes incorrect information, our firm is working to add clarity to this situation by providing new and verified information as it becomes available to us. We have also set up a  Coronavirus Resource Center on our website for ongoing information. 

In addition, we have created the HSC COVID-19 Fast Response Team to serve our clients in addressing the difficult decisions they are being faced with on a daily basis. This dedicated multi-disciplinary team consists of our tax, payroll, HR, capital markets and accounting professionals. 

If you have questions or would like to speak with this team please contact your HSC team member or Kyle Wininger, CPA, CICA, CVA, CFE at  [email protected]. 

How Does the IRS Tax Return Filing and Payment Delay Impact Exempt Organizations?

On March 20th, the IRS issued Notice 2020-18 which extended the file date and payment date for all federal income taxes and income tax returns on July 15th. However, the filing due dates for exempt organizations required to file 990 series information returns have not changed. The original due date for Forms 990, 990-EZ, and 990-PF for calendar year taxpayers remains May 15, 2020.
 
Exempt organizations needing more time to complete their returns must file an extension to avoid penalties.
 
Calendar year exempt organizations with unrelated business taxable income (UBIT) must continue to adhere to the May 15, 2020 due date for filing Form 990-T. Taxpayers with estimated income tax payment requirements for UBIT originally due on April 15 do have an extension of time to make their payment until July 15, 2020.

For more information, please click here or contact Lacy Bender, CPA, MBA, at [email protected] or Michele Graham, CPA, MST, at [email protected]. 

CARES Act Becomes Law - Signed by President
Congress Reaches Agreement On A Coronavirus Relief Package: Tax Aspects Of The CARES Act.  Congress has agreed in principle to a $2 trillion relief package. What tax benefits does it offer individuals and businesses?

Read about the CARES Act in Forbes. Additional information about the forgivable SBA 7(a) loans can be found in this original article or by clicking here.

For more information,on the tax provisions contact Mike Vogel [email protected], on the SBA loan information contact Scott Touro at  [email protected] .
DOL Released Additional Guidance on Interpretation of Families First Coronavirus Act 

The U.S. Department of Labor will  continue to provide compliance assistance to employers and employees in the form of Frequently Asked Questions on their responsibilities and rights under the FFCRA. 

These required posters  issued by the Department of Labor are required to be posted.

Click here  to read further information about Families First Coronavirus Response Act and to obtain some helpful flowcharts regarding the Act.

For additional information or for any questions, please contact Lisa Frank, CPA at [email protected] or Matt Folz, CPA at [email protected]. 

If you, or other members of your team would like to begin receiving our HSC Coronavirus Communications, please forward to each individual and they can subscribe here or email Leslie Wight at [email protected] and she will add them to the communications.
 
 
 
 
 
 
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Disclaimer: The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not intended to provide legal, tax or accounting advice.
 
Internal Revenue Service rules require us to inform you that this communication may be deemed a solicitation to provide tax services. This communication is being sent to individuals who have subscribed to receive it or who we believe would have an interest in the topics discussed. 

Harding, Shymanski & Company, P.S.C.
800.880.7800 | [email protected]  | www.hsccpa.com