Update on COVID-19 Relief for Businesses
The federal and state coronavirus relief efforts have taken dual approaches of loans and grants through various federal and state agencies as well as tax relief through the IRS and state tax agencies. This communication is focused on the tax aspects, including updates on programs we have mentioned previously. Some of this information has changed from previous articles as guidance from the government changes. Charitable organizations should keep in mind that many of the benefits being provided to businesses may also apply to them.
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Update on COVID-19 Relief for Individuals
The federal and state coronavirus relief efforts have taken dual approaches of loans and grants through various federal and state agencies as well as tax relief through the IRS and state tax agencies. This communication is focused on the tax aspects, including updates on programs we have mentioned previously. Some of this information has changed from previous articles as guidance from the government changes. Charitable organizations should keep in mind that many of the benefits being provided to businesses may also apply to them.
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Paycheck Protection Program - CARES Act
The U.S. Treasury Department has released the Application form and Fact Sheets for the Paycheck Protection Program under the CARES Act. Small businesses and sole proprietorships may begin applying on Friday, April 3, 2020. Independent Contractors and self-employed individuals may begin applying on Friday, April 10, 2020.
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CARES Act
At Faulk & Winkler, we are deeply aware of the impact of the coronavirus (COVID-19). We are taking steps to provide for the continuity of our client services and the safety of our employees and clients as we navigate through the uncertainty of the outbreak. As our loyal clients and friends, we hope you are staying safe and healthy in these uncertain times.
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Governor's Executive Order
As COVID-19 continues to be on the forefront of our daily lives along with the recent Executive Order by our Governor, Faulk & Winkler is continuing to adapt our business operations.
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Louisiana Extends Income Tax Deadline
The Louisiana Department of Revenue has announced that Louisiana income tax filing and payment deadlines have been automatically pushed back to July 15, 2020.
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Families First Act - Claiming The Payroll Tax Credit
Key points on tax credits available under Families First Act include:
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Breaking News: IRS Has Delayed Tax Day to July 15 and Phase 2 Relief
As directed by President Trump, all individuals and businesses will have this additional time to file and make payments.
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Louisiana Offers Business Tax Relief due to COVID-19
Louisiana has announced various forms of Business relief available.
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IRS Emergency Tax Relief
In response to the COVID-19 declared emergency, the IRS has announced that federal income tax payments due on April 15, 2020 are automatically extended for three months to July 15, 2020. This includes balances due on 2019 individual and corporate income tax returns as well as the first quarterly estimated payment of 2020.
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COVID-19 Update
At Faulk & Winkler, we are deeply aware of the potential impact of the coronavirus (COVID-19). We are taking steps to provide for the continuity of our client services and the safety of our employees and clients as we navigate through the uncertainly of the outbreak.
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Trump's Recent Proposals in Response to COVID-19
We are monitoring the latest statements from the Federal Government in regards to a proposed 2020 Payroll Tax cut and delay of the upcoming April 15th tax filing deadline.
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