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AN UPDATE REGARDING COVID-19


Coronavirus (COVID-19) has impacted our country in ways few of us could imagine. Throughout these times, we want to let you know that we are here for you.


We at Atchley & Associates, LLP are monitoring the COVID-19 situation constantly and we are adapting our plan accordingly.


Here is what we know:


Updated Notice 2020-18 was issued by the US Treasury:

  • An additional 3 months have been granted to both the filing tax deadline and payment deadline. April 15th is now automatically adjusted to July 15th, with no need to file Forms 4868 or 7004 to grant an extension.
  • Payment amount limitations were removed. The previously imposed $1 million individual limitation and $10 million corporate limitation are no longer in place. 
  • Estimated tax payments normally due April 15th may be deferred until July 15th.

 
Families First Coronavirus Response Act
The Families First Coronavirus Response Act was signed into law. This bill provides paid leave benefits for employees, including sick and expanded child care leave. Payroll tax credits will be provided to employers providing the leave, including 100% reimbursement for paid leave pursuant to the Act. Self employees receive an equivalent credit. FICA tax relief is also provided for employers. 

SBA Economic Disaster Injury Loan 

Small businesses can now apply for a long-term Economic Injury Disaster Loan. The U.S. Small Business Administration's EIDL program can provide economic support to those affected by COVID-19. Eligible businesses are able to apply for a long-term, low-interest working capital loan of up to $2 million. For further information regarding requirements and eligibility, contact us today. Also, our resources below will offer more details and application forms.



We will continue to monitor this situation and keep you up to date on the latest tax changes. Please keep this page bookmarked for the latest information. 


For more detailed information on how this will affect you, please do not hesitate to reach us at (512) 346-2086.



RESOURCES


SBA's Economic Injury Disaster Loan (EDIL) https://disasterloan.sba.gov/apply-for-disaster-loan/index.html


Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, https://www.irs.gov/pub/irs-drop/n-20-18.pdf


Notice 2020-57, Families First Coronavirus Response Acthttps://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus