March 25, 2020

2020 – 03/23 – Coronavirus (COVID-19): Tax relief for small businesses

Is your business affected by the coronavirus (COVID-19)? Fortunately, the Families First Coronavirus Response Act recently became law. It includes paid leave benefits to employees; employer and self-employed tax credits; and FICA tax relief for employers. The IRS also issued guidance allowing taxpayers to defer some federal income tax payments and estimated tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest. “There is no limitation on the amount of the payment that may be postponed,” the IRS stated in Notice 2020-18. Plus, the IRS announced the 2019 income tax FILING deadline will be moved to July 15, 2020 from April 15, 2020.