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WendroffCPA has established this special section to provide information to taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. For information about the COVID-19 virus, please visit the Centers for Disease Control and Prevention (CDC) (https://www.coronavirus.gov) for health information.
What’s in the $2 Trillion Coronavirus Stimulus Bill? – March 28, 2:11 pm
The biggest stimulus package in the history of the United States was signed into law on Friday the 27th with the goal of blunting the negative economic impact of the Coronavirus.
Among other things, the bill includes the following:
– $367 billion small biz loan and grant program .
– Expansion of unemployment benefits to include people furloughed, gig workers and freelancers. Benefits increased by $600 per week for a period of four months.
– Direct payments to families of $1,200 per adult and $500 per child for households making up to $75,000.
– The $500 billion fund for loans to corporate America (Democrats were calling it a slush fund when the Treasury was solely in charge) will be overseen by an inspector general and a congressional panel. Every loan document will be public.
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401k Withdrawal Penalties Waived Under Coronavirus Stimulus Package – March 27, 3:45 pm
For a limited time people can withdraw money from their 401k accounts without penalty. Rules on 401k loans have been relaxed as well. Investors of any age can take as much as $100k from their retirement accounts without penalty. They can also avoid taxes if the money is returned to the account within 3 years.
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Calculate Your Coronavirus Check Here – March 26, 1:30 pm
The Gov us about to send direct deposits to most Americans to help people during the outbreak. The check amount can very on several factors: number of children, income level and others. Use this calculator from the Washington Post to determine how much your check will contain.
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What the Family First Coronavirus Virus Response Act Means for Small Business Owners and Self Employed People – March 25, 12:14 pm
The Act mandates that small business are required to provide Emergency Paid Sick Leave up to $5110 per employee and $2000 for those taking care of a quarantined family member, as well as other mandates. These expenses will be reimbursed through a tax credit.
There is also a similar self employed person sick leave available and tax credit to reimburse.
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How to Defer Your Mortgage Payments Properly – March 24, 4:30 pm
Fannie Mae and Feddie Mac have ordered lenders to be flexible with borrowers, reducing or suspending payments for up to 12 months. This covers more than 50% of the mortgages nationwide, and others should follow suit soon. But should you get a mortgage forbearance or modification? Both can result in very different ways.
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Family Medical Leave Act Posts Guidance Related to Coronavirus – March 21, 8:34 am
An employee who is sick or whose family members are sick may be entitled to leave under the FMLA under certain circumstances. The FMLA entitles eligible employees of covered employers to take up to 12 weeks of unpaid, job-protected leave in a designated 12-month leave year for specified family and medical reasons.
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States Post Tax Guidance Related to Coronavirus – March 21, 8:20 am
The American Institute of CPAs has posted tax guidance related to states responding to the Coronavirus.
DC – Real property tax due for hotels/motels extended to first half of year.
Maryland – Income tax deadline extended to July 15, no penalty or interest. First quarter business taxes due on June 1st.
Virginia – Individual and corporate tax deadline moved to June 1st. Filing deadline remains the same.
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US Extends Individual Tax Filing Deadline from April 15 to July 15 – March 20, 5:21 pm
The tax deadline has been moved to give people more time to prepare and pay their taxes during the Coronavirus outbreak. Your return is extended automatically to July 15. If you file early, you can still receive your refund on time.
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VA Extends First Quarter Tax Payments to June 1st – March 20, 3:28 pm
Any income tax payments due during the period from April 1, 2020 to June 1, 2020 can now be submitted to the Department of Taxation (“the Department) at any time on or before June 1, 2020 without penalty .
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IRS Extends US Tax Payment Deadline – March 20, 2:30 pm
The IRS has extended the tax payment deadline to July 15. You will still need to file your return on April 15, but not pay taxes owed until July 15.
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