An Update from us on COVID-19 – March 25, 2020 Newsletter

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Updates and News from Diverse Community Partners
Hello DCP Member,

We are experiencing extraordinary circumstances and collectively we are making sense of the “New Norm” due to the COVID-19 virus. We want to keep you abreast of various local and federal announcements. 
Mecklenburg County in the state of North Carolina has issued a movement restriction of all individuals living within the surrounding areas. Within the mandate there are several guidelines that needs to be followed that certain business need to remain open. Among those are services necessary for the public. 
Professional services [Accounting services] has been deemed an essential infrastructure. Our services, which includes payroll, bookkeeping, and income tax preparation is essential. As such, we will remain open for business as we are a service provider. However, we will have our doors locked. We have a door slot that clients can drop documents through and/or use the secured portal. Therefore, our Out of State clients will not be effected.
The federal government (IRS) has extended the filing deadline to July 15, 2020. If you still need additional time, we will file extension on or about July 10, 2020
That said, we have prepared the majority of our clients’ Business and Individual income tax returns. 
For your convenience, we have split the payment as follows:$150. – When we file the extension50% of the fee. – When we send the return for your review and approvalBalance of the fee – When you submit your approval 
Since we have prepared the bulk of the returns, we will prioritize those that will require my final review prior to the July 2020 extension. Those who want to wait until the extended filing you will be charged $150 at this time until the next step is taken.
If you want your tax returns file ASAP or wait for July, please let us know so I can prioritize accordingly. We Are Committed To Helping Our Clients 
Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owedIR-2020-58, March 21, 2020WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional. Businesses who need additional time must file Form 7004. [Done already by DCP]
The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days. “Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically,” said IRS Commissioner Chuck Rettig. “Filing electronically with direct deposit is the quickest way to get refunds.Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds. As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience. I’m incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment.”The IRS will continue to monitor issues related to the COVID-19 virus, and updated information will be posted on a special coronavirus page on IRS.gov.This announcement comes following the President’s emergency declaration last week pursuant to the Stafford Act. The Stafford Act is a federal law designed to bring an orderly and systematic means of federal natural disaster and emergency assistance for state and local governments in carrying out their responsibilities to aid citizens. It was enacted in 1988.
Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people.
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
IR-2020-57, March 20, 2020WASHINGTON — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.
The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus. CLICK HERE TO READ MOREPlease click and read the details and determine if its a good fit for you and your business. 

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