As we continue to monitor the Coronavirus pandemic, we are working hard to provide our clients and partner network with timely updates and advice.
Treasury Secretary Steven Mnuchin announced earlier today that the U.S. is extending the April 15 tax-filing deadline to July 15, giving people more time to prepare and pay their taxes during the coronavirus outbreak. Taxpayers who are due a refund are encouraged to continue to file despite the delay so they can get their checks more timely. The IRS recommends filing electronically and opting for direct deposit to get their refund quicker.
Additionally, no interest or penalties will be charged during this period. For those taxpayers that pay quarterly estimates, the April 15
th
first quarter estimate for 2020 has also been deferred until July 15, 2020. There has been no announcement on the 2
nd
quarter estimate that is due June 15
th
, 2020.
What does this mean for our clients?
- For clients who have already sent us your information, we will continue to process your return in hopes that any refund will help during this time of uncertainty.
- For clients who are able to send us your information virtually, please continue to do so and our team will process your return as soon as we can.
- For clients who do not have the resources to send us your information virtually, we recommend at this time that you postpone your visit to our office and use U.S. mail or other means to deliver to our offices.
- For clients who are concerned about their cash flow, paying their employees and making payments, reach out to us to discuss your options. We want to help.
Our employees will continue to work from home until further notice, however our team is still available by phone and email. We ask for your patience during this transition. We are doing the best we can and working diligently to complete all returns as timely as possible under the circumstances.
For individuals or businesses concerned about the impact of COVID-19, we’ve put together a list of resources to help:
- Small Business Administration (SBA) - The U.S. Small Business Administration has approved a statewide Economic Injury Disaster Loan declaration, opening the opportunity to small businesses in Ohio access low-interest loans from the SBA. Although this is administered directly through the SBA, we recommend you notify your bank that you will be making an application with the SBA. You can apply online for all types of SBA disaster assistance loans.
- Paid Leave: A package of coronavirus relief legislation that was signed into law Wednesday includes provisions for paid sick leave, family leave and medical leave, along with tax credits to help employers and the self-employed pay for them.
Please
click here
to see other recommendations and communications from our firm.
This is a tragedy affecting hundreds of thousands of people.
As a company that is dedicated to serving a variety of small businesses throughout the region, these companies need our support now more than ever. Some ideas on
how you can help
:
- Buy online – shop local
- Buy a gift card
- Order takeout or delivery
- Take a virtual fitness class
- Contribute to, or start, a GoFundMe campaign
- Follow local businesses on social media and leave good reviews
Above all else, look out for one another. Check in with friends and family, stay informed and follow recommendations and guidelines.
If there’s anything we can do to help, let us know.
Thank you,
Thomas L. Harrison, CPA, CEPA
President and CEO
Corrigan Krause
