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.

Tax Filing & Payment Deadlines

ENTITYDEADLINENOTESLINK
IRS DeadlineJuly 15, 2020Federal income tax filing due date is extended from April 15, 2020, to July 15, 2020. Most taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest.More Info.
New HampshireJune 15, 2020Relief allows most taxpayers to file and pay for tax year 2019 by June 15th without penalties or interest; Safe harbors created to ease complications associated with federal tax day extension.More Info.
MaineJuly 15, 2020Deadline extended for Maine income tax payments from April 15, 2020, to July 15, 2020. This Maine extension includes any final and estimated Maine income and franchise tax payments due on April 15, 2020.More Info.
MassachusettsJuly 15, 2020Personal income tax returns and payments due April 15, 2020 will now be due July 15, 2020.More Info.

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

This credit is designed to encourage eligible employers to keep employees on payroll during the COVID-19 pandemic. Employers are eligible for a 50% refundable payroll tax credit on qualified wages paid up to $10,000 during the crisis (paid after March 12, 2020 and before January 1, 2021). The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000. The maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000. The credit can be claimed for employees who are retained but not currently working due to the crisis for firms with more than 100 employees, and for all employee wages for firms with 100 or fewer employees. Cannot be claimed, if employer receives a loan.

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

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.

  • The Paycheck Protection Program closed August 8, 2020.

Paycheck Protection Program (PPP) Forgiveness:

Note: The U.S. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31.

Economic Injury Disaster Loans (EIDL)

If you are a small businesses, 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.

    • Application: https://covid19relief.sba.gov/#/
    • Emergency Economic Injury Grant: an emergency advance of up to $10,000 that can be issued within three days of applying for an EIDL. Requested at the time of application. (No longer available)
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.

Not readable? Change text. captcha txt