Filing and Payment Deadline Extended
The deadlines to FILE and PAY federal income taxes are extended to July 15, 2020.
Get answers to your questions on the filing and payment deadline.
Employee Retention Credit Available for Many Businesses Financially Impacted by COVID-19
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. You can get immediate access to the credit by reducing the employment tax deposits you are otherwise required to make. Also, if your employment tax deposits are not sufficient to cover the credit, you may get an advance payment from the IRS.
Get details on the retention credit.
Coronavirus-Related Paid Leave for Workers and Tax Credits for Small- and Mid-Size Businesses
The Families First Coronavirus Response Act (PDF) gives 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.
Get details on paid leave for employees.
Online Tax Help
Online resources for small business and self-employed taxpayers:
- Small Business and Self-Employed Tax Center: Online resources for taxpayers who file Form 1040 or 1040-SR, Schedules C, E, F or Form 2106, as well as small businesses with assets under $10 million.
- Filing and Paying Business Taxes: Electronic payment options.
- Independent Contractor or Employee: It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. We can help.
- Small Business Taxes: The Virtual Workshop: Everything a new business owner needs to know to help you meet your federal tax obligations.
- IRS Video Portal for business: Contains A-Z information for business owners and self-employed individuals in a video format.
- Small Businesses TCJA Training Materials: The IRS continues to implement the Tax Cuts and Jobs Act (TCJA). This major tax legislation affects individuals, businesses, and tax-exempt government entities.
Online resources for tax exempt and other entities:
- Applying for Tax-Exempt Status: IRS requires that Form 1023 applications for recognition of exemption be submitted electronically.
- Automatic Revocation: How to Have Your Tax-Exempt Status Retroactively Reinstated.
- Annual Filing and Forms: In general, exempt organizations are required to file annual returns, although there are exceptions.
- Tax Exempt Organization Search (formerly Select Check): Tax Exempt Organization Search helps users find information about a tax-exempt organization’s federal tax status and filings.
More Information
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Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
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Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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