COVID-19 Information
Tax Deadlines
As you know, the COVID-19 pandemic has shut down much activity in the United States.
The IRS has decided to use its authority in a national emergency to postpone certain tax filings and payments. This change affects every one of you, and the rules are tricky—after all, this is tax law.
We’ll explain who gets relief; what the IRS postponed; and perhaps more important, what wasn’t postponed. We’ll also tell you whether you should file regardless of the postponement.
CARES Act
Congress just passed the CARES Act in response to the COVID-19 pandemic.
In it, there are a lot of juicy tax benefits for you and your business. We’ll tell you about a collection of important ones you need to know.
IRAs
If you are an IRA owner who has been adversely affected by the COVID-19 pandemic, you are probably eligible to take tax-favored distributions from your IRA(s).
SBA Loans
The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S.
If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized to provide loans to small businesses on an as-needed basis.
There are two types of relief you can apply for.