COVID-19 Resources

As the world health community continues to monitor the COVID-19 virus, the health and safety of our team, our clients and our community are of the utmost importance. We are here to help you.

Leone, McDonnell & Roberts is committed to providing a safe and healthy workplace.

Masks – Masks are optional depending on your comfort level. Please let us know if you’d like us to wear one while you are visiting. We have masks available for use.

Drop Box / Materials – Feel free to come into the office or, for a contactless experience, use our secure drop-off bin, Monday through Friday during normal business hours.

ShareFile – ShareFile, our partner for electronically sending/receiving confidential financial documents, provides exceptional security with encryption for email (message and attachments), ease of navigation, and is compatible and accessible from multiple user platforms. If you are interested in learning more about this service, please reach out to us.

Tax Filing & Payment Deadlines

ENTITYDEADLINENOTESLINK
IRS Federal – S Corporations / Partnerships (1065)March 15, 2021The deadline for filing 2020 1065 tax returns in March 15, 2021. With extension, the deadline is September 15, 2021.More Info.
IRS Federal – Estates/Trusts (1041)April 15, 2021The deadline for filing 2020 estate/trust tax returns is April 15, 2021.More Info.
IRS Federal – C Corporations (1120)April 15, 2021The deadline for filing 2020 individual tax returns is April 15, 2021. The extended deadline is October 15, 2021.More Info.
IRS Federal – Individuals (1040)May 17, 2021 (extended)The deadline for filing 2020 individual tax returns has been extended from March 15, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed.  If you file an extension, deadline is October 15, 2021. The notice does not extend the April 15 due date for estimated tax payments.More Info.
New Hampshire – Business Tax Returns and Interest & Dividends Tax ReturnsApril 15, 2021There have been no changes to the NH state tax deadlines. The deadline is April 15, 2021.More Info.
Massachusetts – IndividualsMay 17, 2021 (extended)The filing deadline is extended to May 17, 2021. The extension does not apply to 2021 estimated payments or business returns.More Info.
Maine – IndividualsMay 17, 2021 (extended)The deadline for filing and making payments on 2020 tax returns is extended to May 17, 2021.  The deadline extension does not apply to corporate tax returns and payments, and it does not apply to individual and corporate estimated tax payments. These estimated payments are still due on April 15, 2021.More Info.
Connecticut – IndividualsMay 17, 2021 (extended)The deadline for filing and making payments on 2020 tax returns is extended to May 17, 2021. Estimated payment deadlines have not been extended.More Info.
Vermont – IndividualsMay 17, 2021 (extended)The deadline for filing and making payments on 2020 tax returns is extended to May 17, 2021. Interest and penalties will not accrue if payment requirements are met by May 17, 2021. Estimated payment deadlines have not been extended.More Info.

American Rescue Plan 2021

The American Rescue Plan Act, H.R. 1319, a $1.9 trillion COVID-19 relief bill, was passed by Congress on March 10, 2021 and signed by President Biden on March 11, 2021.

Plan Overview

Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

CARES Act is the $2 trillion stimulus bill to abate the economic challenges…contains many tax provisions, ranging from credits to temporary changes to retirement plan rules.

Unemployment Insurance

Increased up to 13 weeks (total 39 weeks of unemployment benefits). Provisions include an additional $600 per week payment for up to four months. Benefits also available to self-employed, independent contractors, gig workers.

Economic Impact Payments / Recovery Rebate

Direct payments to Americans, based on adjusted gross income from 2019 (or 2018 if you haven’t filed your 2019 return).

Employee Retention Credit

The Employee Retention Credit (ERC) is a CARES Act relief program that allows for a refundable tax credit against payroll taxes. It is designed to help businesses who chose to keep their employees on payroll. The credit can be significant to eligible businesses.

Who Is Eligible?

1) A business who was fully or partially shut down due to a mandated government order (federal, state, county, city)

-OR-

2) A business who had decreased revenue:

  • 2020 quarterly revenue decreased by 50% or more compared to same quarter in 2019
  • 2021 quarterly revenue decreased by 20% or more compared to same quarter in 2019

3) Small businesses:

  • In 2020: businesses with fewer than 100 full time employees
  • In 2021: businesses with fewer than 500 full time employees

You may be eligible for both the Paycheck Protection Program (PPP) and the ERC. Reach out to your trusted Leone, McDonnell & Roberts tax advisor to find out if you may qualify for and claim the Employee Retention Credit.

Employer Payroll Tax Delay

Employers (and self-employed individuals) can defer paying their portion of the Social Security payroll tax (6.2 percent) otherwise due with respect to wages accrued between March 27, 2020 and December 31, 2020. Half of the deferred amount of payroll taxes from 2020 will be due December 31, 2021, with the remaining half due December 31, 2022. Employers of all size are eligible. Cannot be used if you received an SBA loan.

Student Loan Payments By Employers

Provides tax-free status to employer-paid student loan repayment assistance programs through end of 2020 (up to $5,250 a year). The payments are also excluded from an employee’s income.

    • Payments must be for a student loan incurred for the education of the employee.
    • The rules for education-assistance programs under Section 127 will apply.
Student Loan Payment Suspension / Interest Waiver

All payments due on certain federal loans is suspended until September 30, 2020. (Non-defaulted, Direct Loans and FFEL loans). The Act states interest shall not accrue while the loan payments are suspended. On August 8, 2020, President Trump directed the Secretary to continue to suspend loan payments, stop collections, and waive interest on ED-held student loans until December 31, 2020.

Charitable Deductions

Allows non-itemizing individuals an above-the-line deduction for up to $300 in qualified charitable contributions made during the year against their AGI in 2020.

Retirement Distributions

If a taxpayer, spouse or dependent is diagnosed with COVID-19, or if they have been affected by adverse financial consequences as a result of being quarantined, furloughed, laid off, had their work hours reduced due to the virus, or unable if they are unable to work because of lack of child care, individuals can withdraw as much as $100,000 from their qualified retirement plan accounts through the end of 2020 and treat them as non-taxable rollover contributions as long as the funds are repaid to the plan in the next three years. These distributions are exempt from the 10% early withdrawal penalty generally applicable to distributions made to those 59-1/2 or younger.

Additionally, the CARES Act adds a provision provides a temporary one-year waiver in required minimum distributions (RMDs) for defined contribution plans, including 410(k), 457(b) and IRAs. It appears the intent for this relief is to apply both to participants whose required beginning dates would otherwise be April 1, 2020, and to participants already receiving RMDs and scheduled to continue receiving those payments in 2020.

SBA Guidance & Loan Resources

SBA COVID-19 Disaster Assistance

SBA highlights areas in which small business owners should anticipate encountering difficulties during this time.

The SBA is providing disaster relief measures and resources in the following areas:

Paycheck Protection Program

The Paycheck Protection Program (PPP) ended on May 31, 2021

Federal loan program that helps businesses impacted by the coronavirus (COVID-19) to retain their workforce. Applicants are encouraged to apply early as the program has a cap and demand is likely to be high. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program

Paycheck Protection Program (PPP) Forgiveness:

Economic Injury Disaster Loans (EIDL)

If you are a small business, non-profit organization of any size, or a U.S. agricultural business with 500 or fewer employees that have suffered substantial economic injury as a result of the Coronavirus (COVID-19) pandemic, you can apply for the COVID-19 EIDL. This loan applies to all businesses based in any U.S. state, territory, or the District of Columbia. On June 15, SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications from all eligible small businesses, private non-profits and U.S. agricultural businesses. To be used for working capital and normal operating expenses.

To learn more about eligibility and apply, click here.

Restaurant Revitalization Fund

Applications are now closed.

This program, established as part of the American Rescue Plan, provides assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. Registration for the SBA application portal is now open. Applications will open on Monday, May 3, 2021, at noon ET. See How to apply for more detail.

Shuttered Venue Operators Grant

Applications are now closed.

This grant offers emergency assistance to eligible venues (live venues, theatrical producers, live performing arts operators, museum operators, cinema operators and talent representatives) affected by COVID-19. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.

SBA Cross-Program Eligibility
Other SBA Assistance

Additional Resources

Federal Resources
State Resources – New Hampshire
State Resources – Massachusetts
State Resources – Maine
State Resources – Vermont
Other Resources

If you don’t see the information you are looking for, please feel free to contact us. We are glad to help.

Have a Question or Concern?

Send us a note. We're here to help. One of our tax professionals will contact you promptly or at a time you specify.