Category Archives: Small Business

U.S. Department of Treasury Expands Income Tax Filing and Payment Relief

In an official pronouncement released Thursday, April 9, the U.S. Department of Treasury expanded on the income tax filing extension and payment relief efforts in response to the current COVID-19 situation.  Effectively, any “income” tax filing or payment that would normally be due during the months of April through June of 2020 has now been automatically extended until July 15, 2020.  As a supplement to the prior income tax filing and payment extensions granted, this new announcement delays the need to remit any quarterly estimated tax payments until July 15th without incurring any penalty or interest charges.  As a result, any business or individual with 2020 quarterly estimated tax payments needs is able to delay both the Quarter 1 and Quarter 2 payments (normally due April 15th and June 15th, respectively) until July 15, 2020.  Also extended are any fiscal year-end income tax return filings (and corresponding tax payments) for businesses (corporate, LLC, partnerships or trusts), gift and estate tax filings, nonprofit organization income tax filings that would have been due in April, May, or June of 2020.  Note that these enhanced extension relief rules do not pertain to Employment Tax Reporting and Payments (including all payroll-related tax returns and deposit requirements).  Finally, as reaffirmation of the recommendations we have previously provided for any business, organization or individual taxpayers that will require additional time to file their respective 2020 income tax returns, the standard extended due dates of September 15 and October 15 may still be requested via filing of the applicable extension form prior to July 15, 2020.

We trust you will find the highlights we have provided on this new pronouncement helpful, but should you have further questions please contact us.

SBA loans may be more difficult than we thought

Small businesses looking to get some relief from the Payroll Protection Program may run into a snag or two.  Because this stimulus package was passed so quickly, the banks are not necessarily prepared to handle the loans like the media initially described.  This article from Fortune provides some additional insight.

If you are a small business looking to apply for one of these loans, here is a link to help you find a lender along with a sample application.

We understand how difficult this time is for you.  If we can be of any assistance, we will be happy to help!  Please contact our office if you have questions or would like to know more about other COVID-19 relief options.