First and foremost, we hope that you and your families are well and safe. We appreciate the many emails and calls we have been receiving from our clients, checking in with us on our well-being.
We have temporarily closed our Manhattan and Long Island offices, and switched to work remotely, following the guidelines of the state and local authorities. We have the needed technology and our team is fully trained to work efficiently in a telecommute setting. Our main office lines remain the same and are forwarded to our respective team members directly. We encourage our clients to use our client portal and are happy and available to meet you over the screen or by phone.
Our firm is on a mission to assist our small business clients during this trying time, ensuring their business continuity. Hence, we have spent much time learning and training about the available relief programs for small businesses. We are offering numerous services to our clients with completing SBA loan applications and preparing support documents for federal, state and local relief options. We are also consulting our clients on their compliance obligations and best course actions for dealing with cost reduction efforts and available resources for their employees. Please reach out to us if you need any advisory assistance of this kind.
Last but not least, we wanted to update you on the recent announcements by the IRS and Treasury (IR-2020-58) as released on March 21, 2020. In summary:
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.
Note - this is a change from a prior IRS announcement regarding the payment delay.
Because of the due date delay, 2019 IRA and HSA payments can be made as late as July 15, 2020
The 1st quarter estimated tax payments were automatically extended from April 15, 2020 to July 15, 2020. There is no change to the June 15, 2020 2nd quarter estimated tax payment. We are anticipating future updates in this regard as many individuals and business will not be able to rely on 2019 figures or have significant changes to their business income in 2020.
The states are expected to follow with similar guidelines.
Other important to note items:
The Families First Corona Virus Response Act was recently signed by President Trump, on March 18, 2020, which included sick leave provisions and credits for small businesses. If you are an employer, please contact your payroll providers to learn more. If you are an employee, please contact your employer to learn how this may impact you.
A major relief bill known as The CARES Act, is about to be introduced and perhaps signed in the next few days. This Act is expected to include small business interruption loans and loan forgiveness for companies that qualify.
We continue to lean on our core values of integrity, professionalism and responsibility to guide us in all that we do. Please reach out to us with any questions or concerns you may have – we are here to help.
The Eshel, Aminov and Partners LLP Management Team
If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many peop...
Tax Considerations When Hiring Household Help
September 16, 2020
With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 ta...
The Home Office Deduction
September 9, 2020
The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or go...