COVID-19 Resource Center

Seniors Face a Double Threat with COVID-19

The Coronavirus (COVID-19) pandemic may pose a double whammy for seniors. The elderly are considered the most vulnerable population for medical complications associated with the virus. They’re also prime targets for COVID-19 scams. If you’re a senior — or have elderly relatives and friends — read and share the following information. This information was accurate as of 4/13/20.

Relief From Not Making Employment Tax Deposits Due to COVID-19 Tax Credits

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the Coronavirus (COVID-19) pandemic. This information was accurate as of 4/13/20.

How the CARES Act Affects Employer-Sponsored Benefits

By now, most employers have presumably read up on the basic tax relief and financial assistance aspects of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. What you may not have heard much about is how the law affects employer-sponsored benefit plans. Here are some highlights of its impact. This information was accurate as of 4/10/20.

IRS Extends More Tax Deadlines to Cover Individuals, Trusts, Estates, Corporations and Others

To help taxpayers, the Department of Treasury and the Internal Revenue Service announced that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. This information was accurate as of 4/9/20.

CARES ACT Changes Retirement Plan and Charitable Contribution Rules

The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief, notably the “economic impact payments” that will be made to people under a certain income threshold. The law also makes some changes to retirement plan rules and provides a new tax break for some people who contribute to charity. This information was accurate as of 4/07/20.

Now May Be a Good Time for a Roth Conversion

When life gives you lemons, make lemonade. The Coronavirus (COVID-19) outbreak is causing havoc in the global markets and the U.S. economy. However, there's an upside for long-term investors: Low market values may provide a tax-smart opportunity to convert your traditional IRA to a Roth IRA. Here are some factors to consider before you execute a Roth conversion in 2020. This information was accurate as of 4/06/20.

Stay Afloat with Tax-Favored Coronavirus-Related Distributions

The Coronavirus (COVID-19) pandemic is causing economic hardship for many people and businesses in the United States. A key provision of the new law allows tax-favored treatment for people who take so-called Coronavirus-related distributions from tax-favored retirement accounts. Here's the story. This information was accurate as of 4/06/20.

Answers to Questions About the CARES Act Employee Retention Tax Credit

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. For more details, click here. This information was accurate as of 4/06/20.

The Gift Tax Filing and Payment Deadlines Have Been Extended to July 15

The U.S. Treasury Department has extended the April 15, 2020, federal gift tax filing and payment deadline to July 15, 2020 to provide relief for taxpayers adversely affected by the Coronavirus (COVID-19) pandemic. In case you missed this important update, click here. This information was accurate as of 4/02/20.

Paycheck Protection Program Under The (“CARES Act”)

Do you have questions regarding the new Paycheck Protection Program? This is a just a brief overview of one section of the CARES Act. We will continue to share additional details on other provisions of the CARES Act that are relevant to you and your business in the coming days and weeks. This information was accurate as of 3/29/20.

CARES Act will Provide Billions of Dollars of Relief to Individuals, Businesses, State and Local Governments, and the Health Care System

After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the Coronavirus (COVID-19) pandemic. We will share additional details on the provisions that are likely most relevant to you or your business in the coming days. This information was accurate as of 3/27/20.

Employee Leave Under the Families First Coronavirus Response

Congress passed and the president signed into law the Families First Coronavirus Response Act on March 18. The law allows employees time to care for themselves or loved ones and includes provisions for new tax credits to offset employers’ costs. However, the immediate need to pay employees on leave may still be difficult for organizations struggling with revenue losses. This information was accurate as of 3/27/20.

What COVID-19 Legislation Means for Nonprofits and Their Staffers

Whether your not-for-profit is newly deluged with demand for services or you’ve closed doors temporarily, it’s important to keep up with legislation responding to the coronavirus (COVID-19) crisis. On March 18, the Families First Coronavirus Response Act was signed into law to provide American workers affected by the pandemic with extended sick and family leave benefits. This information was accurate as of 3/25/20.

SBA Offering Loans to Small Businesses Hit Hard by COVID-19

Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the Coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources are limited. If this describes your company, click here to learn more. This information was accurate as of 3/25/20.