We collected key dates and facts for business owners to help stay organized; while complying with the financial aspects of your business.
- First and foremost, Tax Day now July 15: Treasury; IRS extend filing deadline and federal tax payments regardless of amount owed.
- This deferment applies to all taxpayers. It includes 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.
- 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.
- If you still need an extension, you can file a request to October 15, 2020. For this key date, pay all or part of your estimated income tax due. Indicate that the payment is for an extension. The extension of time to file your return does not grant extension of time to pay taxes.
- The Paycheck Protection Program (PPP, created under the CARES Act, focuses on protecting our small business community. It now provides small businesses with up to 24 weeks of funds for payroll costs. This includes benefits, interest on mortgages, rent and utilities. Funds are provided in the form of loans that will be fully forgiven when used for these purposes.
- Small businesses and organizations, self-employed individuals or are independent contractors, are eligible if they also meet program standards. Applications for PPP are available through June 30, 2020.
- The Department of Homeland Security (DHS) and U.S. Immigration and Customs Enforcement (ICE) announced flexibility in complying with requirements related to Form I-9 Employment Eligibility Verification, due to COVID-19.
- Once normal operations resume, all employees onboarded using remote verification, must report to their employer within three business days for in-person verification of identity; and employment eligibility documentation for Form I-9, Employment Eligibility Verification.
- Employers must use the new form with the edition date of 10/21/2019 starting May 1, 2020.
