To help small business owners and entrepreneurs better understand the new programs that will soon be available to them, we have created a comprehensive guide to many of the small business provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress. These programs and initiatives are intended to assist business owners with whatever needs they have right now. 

In response to practitioners’ questions about the filing and payment deadline extension announced Friday in Notice 2020-18 (discussed here), the IRS posted 24 questions and answers on its website Tuesday. The answers clarify that only payments that are actually due on April 15 are delayed. Therefore, first quarter 2020 estimated income tax payments and Sec. 965(h) transition tax installment payments due April 15 are postponed until July 15, but June 15 estimated tax payments are not.

Treasury Secretary Steven Mnuchin announced on Friday that tax returns normally due on April 15 will not be due until July 15 this year. The news came in a tweet, and the IRS has not yet issued official guidance on the move.

 

The coronavirus relief bill signed by President Donald Trump late Wednesday contains, among its many provisions, several tax credits for employers who provide paid sick leave or family or medical leave for their employees who miss work for various coronavirus-related reasons. The Families First Coronavirus Response Act, H.R. 6021, passed the House of Representatives on Monday by unanimous consent and passed the Senate Wednesday by a vote of 90–8.

Howard, Moore & McDuffie is closely monitoring the COVID-19 situation, and we are continuously checking with our local agencies as well as the Centers for Disease Control and Prevention (CDC) to help us determine what, if any, action is necessary on our part to support our clients, our community and our staff.  We are taking preventative measures based upon the CDC’s recommendations to mitigate the spread of the virus.  Our office currently remains open, and we are conducting business as usual with a few of the following exceptions: