Facing pressure from lawmakers and the tax community, the IRS finally made its first move relating to the COVID-19 pandemic on March 17: Treasury Secretary Mnuchin announced that the agency is giving taxpayers an additional 90 days to pay for those owing up to $1 million in taxes. Although it isn’t official yet, the IRS is expected to formally move the April 15 filing deadline to July 15. At this time, you must still file your taxes by April 15th but will have an additional 90 days to pay without penalty or interest. We will update if this changes.
State and local authorities are prescribing which businesses will be considered “essential services” industries and allowed to stay open in the event of mandatory business closures from Covid-19. For instance, in hard hit San Francisco the list of businesses that can still operate and remain open to the public includes obvious medical, food and financial services but also “Gas stations and auto-supply, auto-repair, and related facilities”. Likewise, Pennsylvania included “auto repair” within its list of “essential services and sectors."
Please check with your state and local print, social and broadcast media in the event of mandatory business closures or curfews.
Some policies that small businesses are incorporating while still operational include staggering employee work schedules, only allowing 5 or fewer retail customers indoors at the same time and implementing a special morning “seniors-only” shopping hour.
State legislative sessions are being impacted by the Covid-19 pandemic and the Centers for Disease Control and Prevention’s (CDC) directive of no gatherings of 10 people or more for 15 days. States that have postponed, suspended or adjourned until a future date include Colorado, Connecticut, Delaware, Georgia, Hawaii, Illinois, Iowa, Kentucky, Louisiana, Missouri Senate, Nebraska, New Hampshire, Ohio House, Rhode Island and Vermont. Other states are trying to finish their must-do work quickly so as to adjourn completely. ARA is tracking the status of state legislative sessions on a daily basis.
The Small Business Administration (SBA) also has some resources and information for businesses. Click on this LINK for resources and information >>>>
For updates, visit ARA's website: www.a-r-a.org/covid-19
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