COVID-19 Accounting & Tax Group Update
Dear Customers and Partners,
We recognize that with the constantly changing COVID-19 situation around the world, this is an unprecedented time for everyone — a time that, for many, is filled with uncertainty. Our hearts and thoughts go out to each and every one of you. I want you to know that we will continue to provide you with the services you depend on from us and we are here to help guide you through these challenging times.
The worldwide outbreak of the Corona virus is having a major effects on individuals and businesses over the entire nation, and every day we are updated with new information from the White House on down to our local governments on what we should do to help stem the crisis. With the barrage of information being disseminated across a variety of platforms be it social media, national news sources, and websites it is sometimes difficult to separate truth from fiction. As your trusted accounting and business partner we want to ensure that the information we pass on to you is accurate and helpful to the success of your business as we navigate through the challenges ahead.
In an effort help small businesses in this time of need, financial assistance programs are being announced almost daily at the Federal and State level which are intended to provide support today and keep our doors open into the future. Unfortunately, even with these measures put in place there is no guarantee every business will make it through unscathed. By taking advantage of what we do have available to us may give us the temporary support we need in this once in a lifetime event.
With that said here are some links to the programs currently available to us as of March 23, 2020. Surely, as this situation unfolds more assistance may be developed, so it is important to continue to watch for other aid that is directed toward your specific needs.
LINKS FOR VALUABLE INFORMATION
Small Business Association-Small Business Disaster Relief Loan Program. (SBA back low interest lending assistance) https://disasterloan.sba.gov/ela
Ohio Department of Job and Family Services-Unemployment Compensation Disaster Program. The following link to the Ohio Department of Job and Family Services will provide more details with answers to questions regarding the new program.
Instructions for employees filing for Corona Virus related temporary unemployment benefits
Bureau of Workers Compensation 90-day BWC Payment Deferral Program
Ohio Stay at Home Order Effective 3-23-2020
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
New refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. For other information about the COVID-19 virus, people should visit the Centers for Disease Control and Prevention (CDC) (https://www.coronavirus.gov) for health information.
On a final note, proactively contact any creditors that you have to discuss programs or terms that you may qualify for that can provide you financial relief in the form of interest and penalty free deferred payments or extended terms to lower your monthly installment plan.
We will continue to do our part in helping you navigate through these challenges by providing you with reliable information that will keep you and your business thriving into the future. Please feel free to contact us if you have any questions and stay safe.
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