Edelstein’s COVID-19 Resources
Please use this as a resource for all the posts we’ve made on COVID-19 and its impact. We’ve provided brief summaries of the content we’ve shared thus far and encourage you to click the link to read the full piece. We will continue to update this page as new posts are made.
COVID-19 Relief Comparison Chart – (April 6, 2020) The volume of news and articles on coronavirus relief options is overwhelming for many business owners. It is difficult to understand which options are best or applicable to your company. Our COVID-19 Relief Comparison Chart details the loan programs, credits and provisions enacted in recent coronavirus legislation. Additionally, it specifies which provisions are mutually exclusive and which may be cross utilized.
Emerging Tax Alert – CARES Act provides COVID-19 pandemic relief to businesses – (March 31, 2020) The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) represents the third phase of Congress’s legislative efforts to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. In addition to providing relief to individuals and mustering forces to shore up the medical response, the CARES Act includes numerous provisions intended to help affected businesses, including eligible self-employed individuals, weather the crisis.
BREAKING: Massachusetts Filing Deadline Extension – (March 27, 2020) Earlier today, it was announced by Massachusetts government leaders that the state income tax filing deadline has been officially extended to July 15, 2020 for filing federal individual income taxes.
COVID-19 Business Update– (March, 25, 2020) Check out our COVID-19 Business Update which includes a summary of pressing topics to consider as you make business operation decisions resulting from the COVID-19 economic impacts and mandates.
Emerging Tax Alert- The IRS announces that income tax payments due April 15 can be deferred to July 15, regardless of the amount– (March, 23, 2020) The IRS and the U.S. Treasury Department have been making a series of announcements to provide tax relief in the wake of the coronavirus (COVID-19) pandemic. After previously announcing that taxpayers could defer making federal income tax payments up to certain limits for three months, the IRS has now announced that taxpayers can postpone payments without penalties or interest “regardless of the amount.”
Emerging Tax Alert- What you need to know about the Families First Coronavirus Response Act– (March 23, 2020) President Trump has signed into law the Families First Coronavirus Response Act. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic. Employers’ increased costs will be offset by new tax credits, which also may be available to self-employed individuals.
BREAKING: Tax Filing Deadline Extended– (March 20, 2020) U.S. Treasury Department Secretary Steven Mnuchin announced that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19) outbreak.
Update: COVID-19’s Impact on April 15th Tax Deadline– (March 19, 2020) We are constantly monitoring the federal government’s response to the coronavirus with respect to April 15th tax filings and payments.
90-Day Tax Payment Deferral– (March 17, 2020) As the news continues to evolve regarding COVID-19, we wanted to connect with you in an effort to keep you abreast of the changes. Earlier today, Treasury Secretary Steven Mnuchin announced that taxpayers who owe a payment to the IRS may defer that payment for 90 days. He shared that up to $1 million can be deferred by individuals and up to $10 million can be deferred by corporations, without interest and penalties charged on these deferred payments.
Emerging Tax Alert- House passes bill to provide coronavirus relief; Senate expected to act this week- (March 17, 2020) Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses.
Our continued response to COVID-19– (March 16, 2020) In compliance with Governor Baker’s press conference on Sunday evening, we are mandating that all employees work remotely at home starting on Tuesday, March 17th as safety and health is our greatest concern. There will also be limited, if any, in-person meetings in or out of our office.
Accounting & Audit Alert- Beware: Coronavirus may affect financial reporting– (March 16, 2020) The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond.
Keeping you informed– (March 13, 2020) As you’re aware, the spread of COVID-19, also known as the Coronavirus, has impacted the United States, New England, and Massachusetts specifically. We wanted to take this time to communicate with you, our valued clients and friends of our firm.