As discussed in a previous post, we will continue to keep you abreast of a fluid situation that changes by the minute. There is a lot of information out there, and you need to carefully digest it and discern the accuracy.
Tuesday, in a Press Conference Treasury Secretary Steve Mnuchin discussed measures to assist Taxpayers with cash flow. What this means is that in addition to monies directly sent to taxpayers which still must be finalized (Two $1,000 checks could be sent to every American with the first check starting April 6), the IRS will allow Taxpayers to defer payments for their 2019 tax returns until July 15. This is subject to certain caps: Individuals can defer payments up to $1 million and corporations can defer payments up to $10 million. The April 15, 2020 deadline for filing your taxes still applies, unless an extension is requested. If you are due a tax refund, you will want to file your tax return as soon as you can. If you owe money, you have until July 15, 2020 to make the payments, without penalty or interest.
For those of you who pay estimated taxes which are due April 15, the relief applies to estimated tax payments which are also now due by July 15, 2020. The State, has been silent on this issue thus far. The State though, has temporarily suspended state debt collection including Student Loan and Medical Debt. Governor Andrew M. Cuomo has also announced that employers are required to provide job protection and paid sick leave to those who have been quarantined as a result of COVID-19. There are resources out there to help small businesses and we should take advantage of them. New York City has enacted the NYC Employee Retention Grant Program to help retain employees as businesses face decreased revenue. The Families First Coronavirus Response extends coronavirus coverage for free testing to Medicaid beneficiaries and group health insurance plans, with no cost sharing.
Governor Cuomo has also asked non-essential employers to have 75% of their office staff to work from home. While we are mostly working remotely, we can Skype, FaceTime or have a Zoom meeting. We encourage you to expand your digital footprint. Connect with us on our website, Facebook, LinkedIn, or Twitter. We encourage you to expand your digital footprint in these trying times-engage with others electronically, and build your remote connections.
Stay safe, and stay healthy, and thank you for being part of the iLaw family.