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Believe us when we say a global pandemic was definitely not on our radar if you asked us how we'd like to end the 2019 tax season. That being said, it's unfortunately the world we live in right at the moment. And while we know over time the spread of this virus will hopefully be contained, we must act accordingly in this moment.
On March 21, the Treasury Department and the IRS announced that the federal income filing due date is automatically extended from April 15 to July 15, 2020. Taxpayers can also defer federal tax payments that were originally due on April 15 to the new deadline of July 15, meaning if you owed money to the IRS for your 2019 tax return then you'll have a few extra months to make that payment to them without penalties and interest regardless of the amount owed. This also means that since the deadline has been pushed back to the middle of summer the need to file extensions for clients this seas
- What are the filing deadlines now?
- When will I get my stimulus payment?
- I own a business, am I eligible for loans from the government?
- When will Lincoln Tax Professionals finish my return?
- I need to make an appointment for next year's taxes. How do I do that?
- I have an appointment in May, or later in the summer, what do I do?
You may be eligible for up to 39 weeks of unemployment benefits if you are self-employed and your business income has been affected by COVID-19.
Recent legislation now provides small business owners the opportunity to collect unemployment which is not something they are normally able to do. As the majority of our clients are in Maryland we are going to cover how this is working in Maryland. If you live in a different state, please check with your state's unemployment office.
The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S.
If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized to provide loans to small businesses on an as-needed basis.
There are two types of relief you can apply for:
Economic Injury Disaster Loans
The Maryland Department of Labor’s Division of Unemployment Insurance has posted four new tutorial videos on their website, social media pages, and YouTube to help Marylanders navigate the new BEACON One-Stop.
Maryland Governor Larry Hogan has lifted the state's stay at home order effective Friday, May 15, at 5 PM. His new order, while allowing some business to reopen at limited capacity, still gives businesses the freedom to determine for themselves when they choose to open their doors to the public. After discussing this matter, we have made the decision to maintain our office closure in order to continue to protect our clients, and our staff and their families, from exposure.