Some relevant details about the $2 Trillion Virus Rescue Bill that is expected to be passed this week:

For companies to help keep their workforce employed:

  • A tax credit for companies that retain employees even if they’ve been mandated to close or seen a significant drop-off in business.
  • Can defer some employer-side payroll tax payments until 2022.
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Details about the Covid 19 Relief for Income Taxes

The IRS has published details about the Special Relief being offered in response to the Covid 19 Outbreak. The following is a synopsis that may be helpful but should not be relied on as authoritative.

Most important: The Payment Deadline has been Extended to July 15, 2020 for Federal Income taxes that would e normal been due on April 15, 2020.

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April 15th Tax Filing Deadline for 2020 Delayed

President Trump announced today that he has ” instructed the Treasury Department and IRS to extend the April 15, 2020 deadline for filing federal income tax returns for those affected by Corona virus.” Since an automatic 6 month extension is and has been available this is not really of drastic import but he also said he would direct the Treasury to “defer tax payments without interest or penalties for certain individuals and businesses negatively impacted.” That is probably the big news in this.

Here is an article in CPA Advisor about it. They say they will be updating this page as more info becomes available so be sure to check back.

And here is another article in Accounting Today

New W4 for 2020

There is a new W4 Form for 2020. It is not required for existing employees and employers should continue to use the existing withholding allowances and filing status for employees that filled out the old form.  But for those employees you hire after 12/31/2019, and for any employees who wants to adjust their withholding, the 2020 version is the only valid Form W-4.

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