TO OUR VALUED CLIENTS, ADVISORS, SUPPLIERS, EMPLOYEES & FRIENDS:
Cover & Rossiter is committed to being part of a positive effort to help others manage the impact of the COVID-19 event in their businesses and lives. We will post changes and/or updates to this page as the situation warrants.
WHAT YOU NEED TO KNOW ABOUT THE GOVERNMENT STIMULUS PACKAGES (CARES Act, PPP, Heroes Act, HEAL Act)
Update 8-3-20 On July 27, the HEALS act, the next round of stimulus to help dampen the economic impacts of the spread of COVID-19 was proposed by the Senate. The Senate's proposed $1 trillion package could be a second stimulus check for qualifying individuals, an extension of unemployment assistance, and money dedicated to safely reopening schools given the lingering virus threat. The House of Representatives is challenging the Senate's bill seeking to protect the enhanced unemployment benefit and earmarking more stimulus measures aimed at keeping the economy afloat during this difficult time. The act is currently undergoing bipartisan negotiations in the Senate. For information on the CARES vs. Heroes vs. HEALS acts, click here.
Update 6-10-20 On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act of 2020. Click on CARES ACT Bulletin #CR-05 below for all the details. If you have questions, contact your Cover & Rossiter partner.
Update 5-29-20 The U.S. House approved legislation yesterday making it easier for small businesses and other recipients of Paycheck ion" program for businesses that have suffered COVID-related losses, giving them more flexibility to use federal subsidies for other costs and extending the lifespan of the program as the economy continues to struggle. The House bill, called the Paycheck Protection Flexibility Act, H.R. 7010, extends from 8 weeks to 24 weeks the time PPP recipients have to spend their funds. The measure also lowers to 60% from 75% the portion of PPP funds borrowers must spend on payroll costs to qualify for full loan forgiveness. That change would allow borrowers to direct more funds to costs such as rent and utilities.
A bill close to a vote in the Senate would double the covered period of PPP spending to 16 weeks but would not change the 75% payroll cost requirement.
We continue to monitor the situation. If you have questions, contact your Cover & Rossiter partner.
Update 3-27-20 In addition to the summary of IRS actions and earlier-enacted federal tax legislation we previously communicated to you, here's an update on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress's gigantic economic stimulus package that the President signed into law on March 27, 2020. If you have any questions, contact your Cover & Rossiter partner.
- CARES ACT BULLETIN #CR-05 (06-10-20) - RELIEF FOR PPP PARTICIPANTS
- CARES ACT BULLETIN #CR-04 (04-27-20) - PAYCHECK PROTECTION PROGRAM LOANS FAQs
- CARES ACT BULLETIN #CR-03 (04-12-20) - TECHNICAL CORRECTION RE: INTERIOR BUILDING IMPROVEMENTS
- CARES ACT BULLETIN #CR-02 (04-12-20)- EMPLOYEE RETENTION CREDIT
- CARES ACT BULLETIN #CR-01 (04-05-20) - SBA FUNDING OPTIONS
GET THE LATEST NEWS FROM IRS.GOV
- (08-24-20) Deadline to return distributions to retirement accounts is Aug. 31. CLICK TO READ
- (07-09-20) IRS.gov has answers about filing, paying and July 15 due date. Get answers to tax questions, check status of your tax refund, schedule a payment, etc. CLICK TO READ
- (06-26-20) As July 15 tax payment deadline approaches, plan on scheduling multiple payments now. CLICK TO LEARN ABOUT PAYMENT OPTIONS
- (06-24-20) Taxpayers should file by July 15 tax deadline; automatic extension to Oct. 15 available. *NOTE: The extension provides additional time to file the tax return - it's NOT an extension to pay any taxes due. CLICK TOR READ
- (05-27-20) Economic Impact Payments (Stimulus Payments) - Frequently Asked Questions CLICK TO READ
- (05-21-20) IRS.gov helps taxpayers get tax info they need; find tools for filing, paying, checking accounts and answering questions. CLICK HERE TO LEARN MORE
- (05-19-20) IRS operations during COVID-19. Read the latest on IRS operations and alternatives. CLICK TO READ NOTICE
- (04-09-20) IRS extends more tax deadlines to cover individuals, trusts, estates, corporations, and others. Any estimated quarterly tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty. CLICK TO READ NOTICE
- (04-02-20) Don't fall for fraud schemes tied to economic stimulus payments. The IRS is seeing a significant increase in scams as it relates to criminals trying to gather information needed for the stimulus payments. Please note the IRS will not call, text, or email you to verify your banking information for stimulus payments. CLICK TO LEARN MORE
OUR OFFICE - UPDATE AS OF 8/24/20
Cover & Rossiter is open for business, with some staff continuing to work remotely. While we hope our clients take advantage of our digital capabilities (see below), you can visit our offices. PLEASE NOTE: We request that you call us. ***Masks must be worn when entering our building and office.***
TAX FILING/PAYMENT DEADLINES
The Federal government has extended tax season, extension payments, and 1st and 2nd quarter 2020 estimated tax payments to July 15, 2020 for Individual 1040, Fiduciary 1041, Corporate 1120, and 709 Gift tax returns. All states with a personal income tax have extended their 4/15 due dates (38 with a 7/15 deadline, and 8 states with other deadlines). CLICK TO LEARN MORE
DIGITAL SUBMISSION OF TAX DOCUMENTS
We strongly encourage you submit your documents via one of our secure file submission platforms, TaxCaddy or ShareFile. CLICK TO LEARN MORE
REVIEWING / SIGNING YOUR TAX RETURN ELECTRONICALLY
We have two secure options for your to review/sign your tax return electronically. Your Cover & Rossiter administrative specialist will explain both options to you once your return is ready.
Henry Kissinger once said, “A diamond is a chunk of coal that did well under pressure.” We remain confident that, on the other side of all of this, we will be stronger and better for having gone through it.