The Federal government announced today (3/20) that the tax filing deadline would be extended to match the previously announced tax payment deadline of 7/15/20 for 2019 individual income tax returns. A couple of details:
Individuals can defer tax payments of up to $1 million for 90 days, which extends the April 15th filing deadline to July 15, 2020. This is intended to cover individuals and small businesses, including partnerships and S corporations.
Corporations can defer tax payments of up to $10 million for the same 90 days.
Tax forms can be filed any time before July 15th and refunds will continue to be issued.
Each state has their own rules regarding due dates, and at this point, only a few have officially stated their changes. New Jersey has not made anything official as of today, but many bills are proposed to address fallout from the coronavirus outbreak, so expect additional updates in the coming days and or weeks. The AICPA has compiled the latest developments on state tax filings related to coronavirus (more here)
This relief also includes the 2020 estimates that are due 4/15/20
Things in government are moving quickly, so expect to see additional changes. Here are some general resources that may provide answers to questions regarding your finances. This list is not exhaustive, and the information given should be considered in conjunction with your personal situation.
If you need assistance finding food, paying bills or other essential services, dial 211 to speak to someone who can help
The NJ DOL has many answers to payroll, unemployment and earned sick leave at their website: https://www.nj.gov/labor/worker-protections/earnedsick/covid.shtml
For businesses, the SBA is offering Disaster Relief Lending – information can be found here https://disasterloan.sba.gov/ela/Information/Index and more information is on their homepage www.sba.gov
https://www.njbia.org/coronavirus/ includes a helpful Coronavirus Resource page with links to other agencies including Dept of Labor
NJ has set up a website to answer questions for businesses at https://faq.business.nj.gov/en/collections/2198378-information-for-nj-businesses-on-the-coronavirus-outbreak
NY state website also has many updates available https://www.ny.gov/
NYC has relief efforts specifically for small businesses, the details are at this link https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page
Each state has many legislative actions currently underway to assist individuals and business, and the websites above should be updated as those legislative changes occur.
This is a particularly difficult time for many small business and individuals as they face new and evolving challenges related to the financial fallout from this crisis. There are many resources available to help you find support for financial and health challenges.
Please take the time to reach out to those in your family and community that might need your assistance in this time of turbulence. If MRA Advisory Group can be of any assistance, please reach out to us at 1 844.672.7623 or www.mraadvisory.com
Alison C. Cogan, CPA
Director of Tax Services