To Our Valued Clients and Friends,
As you may have heard already, there’s a lot of breaking news today. First and foremost, Treasury Secretary Steve Mnuchin has announced that tax returns AND payments are now both due July 15, 2020. We believe this will extend first quarter estimates as well, but we need to wait and see. This WILL extend the time to make IRA, SEP, and other retirement contributions that are due at the due date of the return. We also believe that Pennsylvania will also extend their due date, but nothing has been formally announced yet for the state and local authorities.
Canon Capital has filed for a hardship exclusion for our Payroll and CPA services. While we can process taxes and payroll remotely — and we are going to be doing so — we believe we can continue to carry out our business safely, with proper staffing for density control, in our offices.
There is a lot of information out there and we believe much bigger announcements concerning taxes and relief are yet to come. In the meantime, we encourage you to do the following:
Stay in touch with your lenders. Much of the relief will eventually be coordinated through your lenders. They can keep you up to date.
Stay in touch with your insurance agent. There also have been relief proposals that may flow through business interruption insurance policies, even if viruses are an exclusion currently.
Visit the Indian Valley Chamber of Commerce website for resources.
For PA Unemployment and Workers Compensation please visit their page. A couple of notes are the waiting week for benefits is suspended, and the employer rate for unemployment tax will not be affected for COVID-19 claims.
Here is a Summary of HR 6201, Families First Coronavirus Response Act which was signed into law. This act provides or offers potential tax credits for paid sick leave. We will put more information out on this shortly once we get settled into our remote routine.
In the meantime, please feel free to email, or call us as normal. We continue to wish you and yours good health and safety.