What A (Tax) Relief! COVID-19 Tax Updates

It’s important to take a moment and say that during this volatile economic time, indinero is here to provide you, our fellow entrepreneurs, with pertinent updates and resources for businesses on our Coronavirus (COVID-19) Resources and Updates page.

We are experiencing the stress that all this uncertainty brings right along with you. We are more than a bunch of number-crunching accountants and financial experts. We are entrepreneurs, employers, employees, coworkers, family members, members of communities, and fellow citizens—just like you. We thought that pointing out where there is relief would be as welcome to you as it is to us. Here goes.

COVID-19 Tax Payer Relief

The U.S. taxpayer has been given a reprieve. The Treasury Department and IRS announced on March 21, taxpayers are now able to file and pay their federal income taxes on July 15, 2020. That’s 90 days of relief from the Treasury and IRS during this global pandemic.

As we all face an ever-evolving situation, we at indinero are here to talk taxes and accounting with those of you who are concerned about tax payment and want to make the most of the 90-day extension.

If you are expecting a refund, file away! Refunds are going out at a regular rate.

$2 Trillion Coronavirus Emergency Aid Relief

A $2 trillion-dollar relief is imminent now that the Senate has agreed on how to spend the largest emergency aid package in our country’s history. As the CARE Act moves through both houses of Congress and on to the Oval Office, we will be able to provide more insight into what the package means for businesses. Check back on our Coronavirus (COVID-19) Resources and Updates page with a top line of this complex package.

Congress has already provided over $100 billion in payroll, sick leave and childcare care assistance related to coronavirus with the Families First Coronavirus Response Act. In early March, the President signed a bill providing $8.3 billion to assist health agencies at all levels combat the coronavirus, provide telehealth, vaccine research, and emergency funding.

As the coronavirus pandemic continues, government relief for small businesses has had to pivot. Here’s everything you need to know about the Paycheck Protection Program.

Signs of Spring Relief

Cherry blossoms are a sign that Spring is here. Signs of economic renewal are showing as countries reemerge from lockdown and slowly reopen theaters, major tourist attractions like a section of the Great Wall, and global corporations like Nike and Apple are turning on the lights in stores across China.

Cherry blossoms are also a sign of how short life is. We just can not help ourselves from asking the question:

What can we do (from home) to make the most out of the next three months before Tax Day?

We have a few suggestions, and—that’s right—not all of them are tax-related ones. What a relief!

Stay Busy Stress Relief

As the majority of the country is figuring out how to work from home on a tiny laptop screen across from their partner, homeschool their children, and adjust to Zoom Happy Hours may we suggest the following two words: stay busy. The best stress relief is staying busy!

  1. Stay informed. Visit our Coronavirus Updates and Resources page for a shortlist of trusted business resources. There is more than enough here to keep you busy every day for hours.
  2. Stay on top of your taxes. Remember, if you are expecting a refund, file when you are ready. If you need to pay, here are three short and snappy reads that could save you time and money:
    1. Pancakes and Pianos: A Primer on Business Tax Deductions
    2. Estimated Taxes, a Clever IRS, and a Well-Dressed Mobster
    3. Why Net Operating Losses Are Valuable But Limited
  3. Stay connected with your employees, your customers, and your investors. Find the best video conferencing software for your business and schedule that virtual happy hour ASAP!
  4. Stay proactive about a future economic downturn. Our article will get you started and keep you busy.
  5. Stay powered up with enough rest, body and mind exercises, hydration, and proper nutrition.
  6. Stay up-to-date on your state and municipal tax changes related to COVID-19.

Stay busy and stay safe!

If you are feeling stressed about your taxes, we are here to provide the expertise and assistance to provide relief from that stress.

New call-to-action

Quick Note: This article is provided for informational purposes only, and is not legal, financial, accounting, or tax advice. You should consult appropriate professionals for advice on your specific situation. indinero assumes no liability for actions taken in reliance upon the information contained herein.