Important Updates

Dear Clients & Friends,

We hope that you are managing well through the current Coronavirus crisis and its impacts. The health and safety of our clients and employees are of top importance. We are taking steps to address the rapidly changing nature of this virus and its effects on our clientele. As such, Sabel & Oplinger, CPA, PC has compiled important tax updates & information for our clients to use as a reference while maneuvering through the COVID-19 virus and the limitations it has placed, not only on our personal lives but professionally, as well.

Stay healthy & Be Well.

Please see below, the most current tax updates & corresponding attachments:

  • CARES Act – Highlights of the CARES Act: Forgivable SBA Loans.
  • The Treasury Department and Internal Revenue Service announced that the Federal income tax filing due date is automatically extended from April 15, 2020 to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020 to July 15, 2020, without penalties and interest regardless of the amount owed. This deferment is to all taxpayer. IRS 2019 Tax Extended to 7/15/2020
  • Extension of time to pay 2020 Federal 1st quarter individual estimated taxes to July 15, 2020.

New York State Department of Finance and Taxation            

The governor (Andrew M. Cuomo) issued executive order No. 202.12 authorizing the commissioner to extend the April 15, 2020 due date to July 15, 2020, for New York State personal income tax and corporation tax returns originally due on April 15, 2020.

Taxpayers do not need to file any additional forms or call the Tax Department to request or apply for this relief. The returns due April 15, 2020 will automatically be granted the filing and payment deadline extension and relief from penalties and interest.

New York State Announcement Regarding Relief from certain filing & payment deadlines.

New York Sales & Use tax filings

  • Abatement of late filing and payment penalties on quarterly sales and use tax filings and remittances with a due date of March 20, 2020. New York Sales tax_N 20 1

Connecticut Department of Revenue

  • DRS extends filing deadlines for business tax returns until June 15th and Individuals tax returns to follow the IRS relief.

New Jersey Department of Taxation

Beginning on March 18th and continuing at least through March 31st, all walk-in services at Division of Taxation regional and Trenton offices will be closed to the public. Call centers will remain operational but on a limited basis.

  • Small business and Non-for-profits can apply for SBA (Small Business Administration) loans through the U.S. Small Business Administration. SBA-Cornavirus-Loan-Assitance-1
  • 90 Day Mortgage Reprieve for New York residents – The mortgage payment waivers will be based on financial hardship and are aimed at New Yorkers who suddenly find themselves out of work or unexpectedly working part time. Please contact your lender for details.

Coronavirus Relief bill contains tax credit for Employers

COVID-19 Resources-JustWorks

Families First Coronavirus Response Act-Justworks Help Center

  • Payroll tax credit for required paid Family leave
  • Payroll tax credit for required paid Sick leave
  • Self-employed individuals – Credit against income tax relief for qualified sick leave equivalent amounts

Summary of the Relief bill

On March 18th, the president signed the Families First Coronavirus Response Act.

There are 2 Components:

A. The Emergency Paid Sick Leave Act – Allows eligible employee to take paid sick leave.

  • Only applies to business with fewer than 500 Employees and will apply to all employees -full or part-time.
  • Employer is required to provide up to 2 weeks of paid sick leave
  • Employers will be repaid in the form of certain dollar credits
  • Effective on 4/2/2020 and remain in effect until 12/31/2020
  • Eligible employees to take paid sick leave because the employee is…
  • Subject to federal/state/local isolation order related to COVID-19
  • Advised to self-quarantine due to COVID-19
  • Experiencing COVID-19 symptoms and seeking medical diagnosis
  • Caring for an individual (including child) or experiencing the conditions specified above

B. The Emergency Family and Medical Leave Expansion Act

  • Only applies to business with fewer than 500 Employees and will apply to all employees -full or part-time
  • Employee for at least 30 days may take up 12 weeks of job-protection leave
  • First 10 days may be unpaid. An employee may elect to substitute any accrued paid leave to cove some or all of the 10 day period
  • Employer’s will have to hold the employee’s job for them, with some limited exceptions. However, employers with fewer than 25 employee’s are generally excluded from this requirement if the employee’s position no longer exists following the EFMLEA leave due to an economic downtown or other circumstances caused by a public health emergency during the period of EFMLEA leave.
  • Effective on 4/2/2020 and remain in effect until 12/31/2020