(541) 388-7888 | cpa@sgabend.com

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COVID-19 Client Update

March 24, 2020

2019 income tax filing deadline extended

The US Treasury Secretary announced March 20, 2020 the deadline to file 2019 individual income tax returns has been extended to July 15, 2020.  In a previously released statement, Oregon Department of Revenue indicated they would conform the state filing deadline with any changes made at the federal level.  We will continue to monitor the Department of Revenue notifications and inform you if changes to this guidance occur.  Additionally, we will be monitoring all other states’ responses to this announcement.    As we approach these new filing deadlines, those of you who file in multiple states will hear from us individually regarding how those state deadlines will affect you.

2019 and Q1 2020 estimated tax payment deadlines extended

In IRS Notice 2020-17, the IRS extended the date for payment of 2019 taxes due and the Q1 2020 estimated tax payment to July 15, 2020.  Of special note, the Notice does not extend the due date for the Q2 estimated tax payment due June 15, 2020.   The relief is granted per return up to $1,000,000 regardless of filing status.  Oregon has not yet announced extended payment deadlines, but we continue to monitor that situation and will keep you informed of any new information.

 

Families First Coronavirus Response Act

On March 18, 2020 President Trump signed into law HR 6201 – Families First Coronavirus Response Act.  Provisions of the law require small employers (generally under 500 employees) to provide to their employees (1) paid public health emergency leave and (2) paid sick leave.  Subject to certain limitations, the bill provides an employer payroll tax credit that equals 100% of the qualified family leave and sick pay wages paid by the employer as required under the new law.  The tax credit is available for eligible self-employed individuals who would be entitled to receive sick pay if the individual were an employee.  The law goes into effect on April 2, 2020.

We advise our clients to detail and document the amount of sick and family leave provided to employees.  Because this credit is a payroll tax credit instead of an income tax credit, it may be available as soon as the next payroll tax reporting period ends.  We will keep you informed on any new developments related to this credit as they are announced.   

As you are all aware, various branches and departments of the government are coordinating on further tax and economic relief.  Some options being considered include provisions to extend these deadlines even further.  We will continue to keep you informed of any tax and business-related provisions as they are finalized.

Although we are working remotely, our entire team is here for you.  Please call the office at 541.388.7888 or reach out to us via our secure system, Liscio with any questions or concerns you have regarding these changes or how they affect your individual situation.  In addition, we have installed a lockbox outside our office front door that you may use to drop off small items to us, along with envelopes for your use.  Please note your name and the name of the person to whom the item(s) should be delivered, on the outside of the envelope.

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