COVID-19 Resource Center

For the latest information regarding State Income Taxes in response to the COVID-19 pandemic, click here. This information was accurate as of 4/28/20.

The Coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. However, if you have a traditional IRA, this downturn may provide a valuable opportunity. This information was accurate as of 4/28/20.

The novel Coronavirus (COVID-19) pandemic has adversely affected the global economy. Companies of all sizes in all industries are faced with closures of specific locations or complete shutdowns. These negative impacts have brought the “going concern” issue to the forefront. This information was updated on 4/24/20.

Congress and the Trump administration have struck a deal on another piece of legislation. For the latest federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic, click here. This information was accurate as of 4/24/20.

Two major laws passed into law recently; the SECURE Act and the CARES Act. These Acts have had a direct effect on IRAs. Click here to learn more. This information was accurate as of 4/23/20.

The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel Coronavirus (COVID-19) crisis. It extends the due date for specified actions to July 15, 2020. This information was accurate as of 4/22/2020.

Fairfax County has established a $2.5 Million fund to support small business recovery. Applications will be accepted beginning April 28. This information was accurate as of 4/20/20.

The CARES Act unwinds some of the tax-revenue-generating provisions included in a previous tax law. Here's a look at how the rules for claiming certain tax losses have been modified to provide businesses and individuals with relief from the financial effects of the COVID-19 crisis. This information was accurate as of 4/20/20.

The U.S. Department of Labor recently issued temporary regulations implementing the emergency paid sick and family leave provided under the FFCRA and the CARES Act. Here are some highlights of the regs’ impact on group health plans. This information was accurate as of 4/17/20.

The CARES Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel Coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Click here for more details. This information was accurate as of 4/17/20.

The novel Coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations. Your gifts reduce your taxable estate, and the Coronavirus Aid, Relief, and Economic Security (CARES) Act has expanded charitable contribution deductions. This information was accurate as of 4/16/20.

As businesses across the country grapple with the economic fallout from the novel Coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such a move, you’ll likely want to consider the choice within the choice: that is, should you lay off workers or furlough them? This information was accurate as of 4/15/20.

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.

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.

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.

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.

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.

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.

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.

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 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.