COVID-19 AND YOUR TAXES
Now is an important time for every client and business owner to understand how to navigate the impacts of the current coronavirus nationwide.
Q: How will the current COVID-19 situation impact you, your business taxes, and your personal Tax filings or obligations?
We have prepared some important information for you to cover the IRS and government plans and proposed Temp. Regs. for adding time to the extension to file deadlines; changes proposed in the employee/employer tax witholdings; tax relief for proposal for deferring payment interest free for 90-days; waiver of penalties for affected taxpayers; and possible disaster credits for business affected by “Shelter in Place” local polices. Also, remember to review your business insurance policies for coverage on “Business Interruption” claims you may be eligible to file.
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While the current situation is a very dynamic and moving target, we want to inform you of some of the major impacts that taxpayers can expect. We want to remain a reliable source of guidance for all who may have questions on how the tax impacts will affect you and your business. Download your guide.
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