ABBB Tax Alert: COVID-19 Tax Relief for U.S. Taxpayers
The situation surrounding COVID-19, or the novel coronavirus, in the United States seems to change hourly. While we cannot expect to stay updated on every instance of the public health crisis, we do feel it’s important to monitor the tax and financial implications closely and update you accordingly.
In an effort to stem the financial bleed from Wall Street and give affected taxpayers more time to react, Congress put forth several relief efforts in the Families First Coronavirus Response Act. The legislation was signed into law late on March 18, 2020.
The Response Act contains the following provisions:
On March 20, 2020, Treasury Secretary Steven Mnuchin moved the April 15 deadline for filing tax returns and making payments to July 15, 2020.
To track the filing deadline in your state, click here.
Two related bills, Paid Sick Days for Public Health Emergencies and Personal and Family Care Act and COVID-19 Health Care Worker Protection Act of 2020, have been introduced in the House but not yet passed.
In Kansas, workers affected by COVID-19 can refer to the Kansas Department of Labor’s website for information on unemployment benefits, paid leave, and more. The one-week requirement to wait until benefits are kicked in has been waived. Click here to be redirected.
Anyone who is concerned about their tax or financial situation as a result of COVID-19 should reach out to their ABBB representative. We may be working remotely but rest assured, our responsiveness and attention to your needs is unchanged. You can use our general contact form here, or email/call your ABBB point person directly.
We’re here for you, your families, and your businesses during this uncertain time. Together, we can make the best of a difficult situation. We will continue to update you as more definitive guidance is passed. Check our website, social media channels, and your e-mail inbox for important announcements.