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COVID – 19 Response

As the pandemic unfolds we want to let you know we are here for you. We are dedicated to our clients, employees, and community for health and safety. Our office will be closed to the public through April 3rd. We will remain in operation with employees having the ability to work remotely. For our clients we encourage you to send emails or schedule conference calls during this unprecedented time with any questions or needs. If you wish to leave a message in our general voicemail, administrative staff will be checking for messages periodically throughout the day and relaying your message to the appropriate staff member. We will continue to provide additional guidance on our website as information develops.

If you have any questions, concerns please use our contact form or email located HERE

Coronavirus Tax Relief

Federal:

The House Bill proposes an extension of time to pay balances due at the April 15th deadline for 90 days without penalties or interest. No mention has been made to extend the filing deadline. The Senate is set to vote on the bill on 03/18/2020.

Update: Senate passes the House Coronavirus relief package with no changes.

Congress passed the Coronavirus Aid, Relief, and Econnomic Security (CARES) Act on March 27, 2020. See highlights in this article from the Journal of Accountancy : See Here

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. Link Here

Treasury Secretary Mnuchin released this news on Twitter March 20, 2020 stating that “At [President Trump’s] direction, we are moving Tax Day from April 15 to July 15.  All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”  We expect further detailed IRS guidance to follow soon.

The latest updates and news from the Internal Revenue Service can be found here on their website: See Here

State(s):

South Carolina:

The South Carolina Department of Revenue (SCDOR) is offering more time to file returns and pay tax due April 1, 2020 – June 1, 2020 to assist taxpayers during the COVID-19 outbreak.

The SCDOR is aligning with the IRS guidance issued on March 21 and is extending the Income Tax filing and payment due date from April 15, 2020 to July 15, 2020.

For more information visit the SC DOR website Here

Other States:

The AICPA is providing state tax relief updates at the below link as they become available.

For more information visit the AICPA website Here

Coronavirus Planning

Employer tax credits under The Families First Coronavirus Response Act: Click Here

Financial Management Magazine Article related to “tips and list of questions for organizations to consider in planning for the effects of the virus”: Click Here

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