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Keeping you informed is important to us

Taxes! Deadlines! And more – Coleman & Associates

March 26, 2020

To Our Clients and Friends –

 

Tax documents please!

Please submit your tax documents as soon as possible!  We continue to work from home and want to prepare your tax returns now before the weather changes and all you will want to do is get outside, go to the movies or anything but your income taxes.

If you don’t currently have access to a scanner or proper postage, please be prepared to submit your information as soon as you are back at your office.

We appreciate you!

 

Tax deadlines are extended.

  • IRS has extended the filing and payment dates for personal tax returns.  The extension is automatic, no forms are required to be filed by April 15th.
    • The first installment of estimated taxes (if applicable to your tax situation) normally due on April 15th is also extended to July 15th.
    • The second installment of estimated taxes will still be due on June 15th.  This means your deadline is really June 15th to avoid interest and penalties
    • Already scheduled a withdrawal with IRS for April 15th? This will not be automatically delayed. We cannot delay the withdrawal on your behalf, you need to call 888-353-4537
  • Trust filing and payment dates are also extended from April 15th to July 15th automatically.  Everything discussed above applies to trusts as well.
  • IRA contributions and HSA contributions are also extended to July 15th now.
  • Illinois announced yesterday that the state will follow IRS filing and payment date extension to July 15th.
    • Quarterly estimated payment dates are not extended for Illinois! This is different than IRS, above.  The quarterly estimates are still due on April 15th and June 15th for Illinois

Families First Coronavirus Response Act

The Families First Coronavirus Response Act (FFCRA) becomes effective April 2, 2020 and expires on December 31, 2020.

The Act requires employers with less than 500 employees to provide two weeks of paid leave for employees who cannot work for certain reasons related to COVID-19.

The Act also requires employers with under 500 employees to extend paid Family Medical Leave Act (FMLA) to employees who need to care for their children due to school and child care closures related to COVID-19.

There are limited exceptions for certain small employers.

The FFCRA contains relief measures to employers, including reimbursement for paid leave, health insurance and payroll taxes. 

You can read more about the Families First Coronavirus Response Act here: https://bit.ly/33KPcwg

The rules and requirements are complex and some of the guidance has yet to be issued. 

 

SBA offering loans to small businesses


The Small Business Administration (SBA) has announced that it’s offering Economic Injury Disaster Loans under the Coronavirus Preparedness and Response Supplemental Appropriations Act, which was recently signed into law. Governor Pritzker has taken the necessary steps to make these loans available in Illinois

Economic Injury Disaster Loans offer up to $2 million in financial assistance to help small businesses mitigate their revenue losses. You could use the money to pay overhead costs such as utilities and rent, keep up with accounts payable and cover payroll.

For qualifying small businesses, the interest rate is 3.75%. Some nonprofits may also be eligible for this assistance. For them, the interest rate is 2.75%. The specific loan terms will vary according to each borrower’s ability to pay. The agency does say that it “offers loans with long-term repayments in order to keep payments affordable.”

Bear in mind that these loans are just one form of assistance offered by the SBA. Your small business may qualify for other loans, and there might be training programs that benefit your company.

 

What about the stimulus bill?

The federal emergency relief package was approved by the Senate but still needs to be approved by the House of Representatives.  We’ll keep you posted!

 

 

Thank you, as always, for placing your confidence in Coleman & Associates!

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