With news that the IRS will be sending money to taxpayers as part of the recently passed COVID-19 stimulus package, scammers have begun targeting taxpayers in an attempt to gain access to the funds and steal personal information they can later use for tax fraud or identity theft.
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic.
The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements.
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers.
Governor JB Pritzker and Department of Commerce and Economic Opportunity are providing more than $90 million in financial relief to small businesses across Illinois through emergency assistance programs including the Hospitality Emergency Grant Program for bars, restaurants and hotels.
The Families First Coronavirus Response Act (FFCRA) requires certain employers to provide their employees with paid sick leave and expanded paid family and medical leave for specified reasons related to COVID-19. These provisions will apply from April 1, 2020 through December 31, 2020.
The Illinois due date for individuals, trusts, and corporations to file and pay taxes has been extended to match the federal due date of July 15, 2020. This relief is automatic, an extension does not need to be filed.
With all of the uncertainty surrounding COVID-19 and its impact on the business environment, many business owners are beginning to inquire about the availability of unemployment benefits in the event of business closures or layoffs due to the continued spread of the virus.
In response to the Coronavirus pandemic, the Internal Revenue Service announced that taxpayers affected by the pandemic may defer federal tax payments until July 15, 2020. This will include first-quarter estimates. In addition, state income tax return deadlines vary based on state guidelines.
Treasury Secretary Steven Mnuchin tweeted Friday that President Trump has directed him to move Tax Day to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus pandemic.