Axley & Rode, LLP

Relief is granted for failing to make employment tax deposits due to coronavirus (COVID-19). IRS Notice 2020-22 provides relief to employers entitled to refundable tax credits under the Families First Coronavirus Response Act (FFCRA) and the “Coronavirus Aid, Relief, and the Economic Security (CARES) Act.” Normally, tax law imposes a penalty for failing to deposit amounts as required on prescribed dates, unless there is reasonable cause. There’s now relief from the penalty for failing to timely deposit employment taxes to the extent the amounts are equal to or less than the refundable tax credits an employer is entitled to under the FFCRA and the CARES Acts. Contact us for more info.

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. But the immediate need to pay employees on leave may still be difficult for organizations struggling with revenue losses. Immediate time off The law affects employers with fewer than 500 employees. Under specified circumstances, these organizations must provide 80 hours of paid sick leave for full-time employees. Part-time employees need to be provided paid sick leave for the average number of hours worked over a two-week period. An employee qualifies for the leave when he or she is unable to work — or telework — because of circumstances related to the coronavirus. These include: Experiencing symptoms and pursuing medical treatment, Being subject to a quarantine/isolation order or advisement, Caring for someone under a quarantine/...

Are you a business owner with employees unable to work due to coronavirus (COVID-19)? As you may have heard, employers can begin taking advantage of two new refundable payroll tax credits created by the Families First Coronavirus Response Act. The Act was signed into law on March 18, 2020. The IRS also announced that it will release guidance on how eligible employers who pay qualifying sick or childcare leave under the new law will be able to file a request for an accelerated payment from the IRS. Contact us for assistance. For more information from the IRS:  https://bit.ly/2wzSc2c

Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, which are due on April 15, 2020, until July 15, 2020, without penalties and interest, regardless of the amount they owe. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. They can also defer their initial quarterly estimated federal income tax payments for the 2020 tax year (including any self-employment tax) from the normal April 15 deadline until July 15. No forms to file Taxpayers don’t need to file any additional forms to qualify for the automatic federal tax filing and payment relief to July 15. However, individual taxpayers ...

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest.  New law On March 18, the Senate passed the House's coronavirus bill, the Families First Coronavirus Response Act. President Trump signed the bill that day. It includes: Paid leave benefits to employees, Tax credits for employers and self-employed taxpayers, and FICA tax relief for employers. Tax filing and payment extension In Notice 2020-18, the IRS provides relief for taxpayers with a federal income tax payment due April 15, 2020. The due date for making federal income tax payments usually due April 15, 2020 is postponed to July 15, 2020. Important: The IRS announced that the 2019 income tax filing deadline will be mo...

The U.S. Senate has passed the House’s version of the Families First Coronavirus Response Act with no changes. President Trump signed it into law on March 18. Congress is now working on more legislation intended to help deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses. The new law provides paid leave benefits to employees, tax credits for employers and self-employed taxpayers, and FICA tax relief for employers. Specifically, among other things, the law provides paid leave benefits for employees who 1) work for employers with fewer than 500 employees, and 2) have been on the job at least 30 days. Contact us for additional details.