IRS – Filing and Payment Deadlines Questions and Answers

With so much uncertainty in the world especially regarding finances, we wanted to share a great resource regarding tax filings and deadlines from the IRS.

Click here to learn more: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers 

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ADP’s COVID-19 Small Business Resource Center

We wanted to share a wonderful resource center that ADP put together for Small Businesses during this time. Be sure to check out the link to their website below for more information.

 

ADP® cares about you, your employees and your business. 

 

As the impact of COVID-19 continues to unfold, you need to make critical decisions for your employees and your business. We created a single resource with information on new federal, state and local laws, changes to sick time rules, remote work, common employer questions, and more.

 

It will be updated continuously as things change, so please check back frequently.

 

Click here: https://sbshrs.adpinfo.com/covid19

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Payment Deadline Extended to July 15, 2020

The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.

 

This payment relief includes:

 

Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

 

Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.

 

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

 

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.

 

The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses must file Form 7004.

 

This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.

 

 

SOURCE: https://www.taxadmin.org/state-tax-agencies.

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New York Essential Businesses Under Coronavirus Executive Order

On March 18, 2020, Executive Order 202.6 (or as revised) directed that all businesses and not-for-profit entities in New York State, shall utilize, to the maximum extent possible, any telecommuting or work from home procedures that they can safely utilize.

 

It is directed that, no later than March 21, 2020 at 8 p.m., each for-profit or not-for profit employer (excluding state and local governments and authorities) shall reduce the in-person workforce at each business/work location by 75% from pre-state of emergency declaration employment levels.

 

It is further directed that, no later than March 22, 2020 at 8 p.m., each or-profit or not-for profit employer (excluding state and local governments and authorities) shall reduce the in-person workforce at each business/work location by 100% from pre-state of emergency declaration employment levels.

 

ESSENTIAL BUSINESSES OR ENTITIES, including any for profit or non-profit, regardless of the nature of the service, the function they perform, or its corporate or entity structure, are not subject to the in-person restriction.  (Essential Businesses must continue to comply with the guidance and directives for maintaining a clean and safe work environment issued by the Department of Health).

 

This guidance is issued by the New York State Department of Economic Development d/b/a Empire State Development and applies to each business location individually and is intended to assist businesses in determining whether they are an essential business and steps to request such designation.  With respect to business or entities that operate or provide both essential and non-essential services, supplies or support, only those lines and/or business operations that are necessary to support the essential services, supplies, or support are exempt from the restrictions.

 

For purposes of Executive Order 202.6, “Essential Business,” means:

 

  1. Essential health care operations including
  • research and laboratory services
  • hospitals
  • walk-in-care health facilities
  • emergency veterinary and livestock services
  • elder care
  • medical wholesale and distribution
  • home health care workers or aides for the elderly
  • doctor and emergency dental
  • nursing homes, or residential health care facilities or congregate care facilities
  • medical supplies and equipment manufacturers and providers

 

  1. Essential infrastructure including
  • utilities including power generation, fuel supply and transmission
  • public water and wastewater
  • telecommunications and data centers
  • airports/airlines
  • transportation infrastructure such as bus, rail, or for-hire vehicles, garages
  • hotels, and places of accommodation

 

  1. Essential manufacturing including
  • food processing, manufacturing agents, including all foods and beverages
  • chemicals
  • medical equipment/instruments
  • pharmaceuticals
  • sanitary products
  • telecommunications
  • microelectronics/semi-conductor
  • agriculture/farms
  • household paper products

 

  1. Essential retail including
  • grocery stores including all food and beverage stores
  • pharmacies
  • convenience stores
  • farmer’s markets
  • gas stations
  • restaurants/bars (but only for take-out/delivery)
  • hardware and building material stores

 

  1. Essential services including
  • trash and recycling collection, processing and disposal
  • mail and shipping services
  • laundromats
  • building cleaning and maintenance
  • child care services
  • auto repair
  • warehouse/distribution and fulfillment
  • funeral homes, crematoriums and cemeteries
  • storage for essential businesses
  • animal shelters

 

  1. News media

 

 7. Financial Institutions including 

  • banks
  • insurance
  • payroll
  • accounting
  • services related to financial markets

 

  1. Providers of basic necessities to economically disadvantaged populations including
  • homeless shelters and congregate care facilities
  • food banks
  • human services providers whose function includes the direct care of patients in state-licensed or funded voluntary programs; the care, protection, custody and oversight of individuals both in the community and in state-licensed residential facilities; those operating community shelters and other critical human services agencies providing direct care or support

 

  1. Construction including
  • skilled trades such as electricians, plumbers
  • other related construction firms and professionals for essential infrastructure or for emergency repair and safety purposes

 

  1. Defense
  • defense and national security-related operations supporting the U.S. Government or a contractor to the US government

 

  1. Essential services necessary to maintain the safety, sanitation and essential operations of residences or other essential businesses including
  • law enforcement
  • fire prevention and response
  • building code enforcement
  • security
  • emergency management and response
  • building cleaners or janitors
  • general maintenance whether employed by the entity directly or a vendor
  • automotive repair
  • disinfection

 

  1. Vendors that provide essential services or products, including logistics and technology support, child care and services:
  • logistics
  • technology support for online services
  • child care programs and services
  • government owned or leased buildings
  • essential government services

 

If the function of your business is not listed above, but you believe that it is essential or it is an entity providing essential services or functions, you may request designation as an essential business.

 

Houses of worship are not ordered closed however it is strongly recommended no congregate services be held and social distance maintained.

 

Every business is strongly urged to maintain social distance to the extent possible, even if designated essential.

 

SOURCE: https://esd.ny.gov/guidance-executive-order-2026

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COVID-19 Updates

Dear Clients & Colleagues,

 

During these uncertain times, it is imperative to stay informed. Here at Hotaling Insurance Services we are committed to providing up-to-date information on how COVID-19 is affecting you, your insurance (life, health, P&C) and your finances.

 

Since we are all being inundated with e-blasts, we decided to create a special News section on our website where we will be posting updates as we receive them from carriers, financial experts, etc. We want to be a trusted resource for you and we are here to assist in any way possible as we navigate this challenging time.

 

We will get through this together!

 

The Hotaling Insurance Services Team

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