As previously discussed, we are continuing to keep you abreast of a fluid situation that changes by the minute.
The IRS will allow Taxpayers to defer payments for their 2019 tax returns until July 15. This is subject to certain caps: Individuals can defer payments up to $1 million and corporations can defer payments up to $10 million. The April 15, 2020 deadline for filing your taxes still applies, unless an extension is requested. If you are due a tax refund, you will want to file your tax return as soon as you can. If you owe money, you have until July 15, 2020 to make the payments, without penalty or interest.
For those of you who pay estimated taxes which are due April 15, the relief applies to estimated tax payments which are also now due by July 15, 2020. The State, has been silent on this issue thus far. The State though, has temporarily suspended State debt collection including student loan and medical debt. Governor Andrew M. Cuomo has announced that employers are required to provide job protection and paid sick leave to those who have been quarantined as a result of COVID-19.There are resources out there to help small businesses and we should take advantage of them. New York City has enacted the NYC Employee Retention Grant Program to help retain employees as businesses face decreased revenue. The Families First Coronavirus Response extends coronavirus coverage for free testing to Medicaid beneficiaries and group health insurance plans, with no cost sharing.
In addition, Governor Cuomo has also asked non-essential employers to have 75% of their office staff to work from home. While we are mostly working remotely, we have ensured that there is someone in our office at all times. You can send us your information electronically, or through our portal. You can send us your information through FEDEX, USPS, UPS, or arrange for a curbside pickup. We can Skype, FaceTime, or have a Zoom meeting. We encourage you to expand your digital footprint and connect with us and with others on our website, Facebook, LinkedIn, or Twitter.
Stay safe, and stay healthy, and thank you for being part of the Garibaldi Group family.