Archives for March 2020

On March 20, Treasury Secretary Mnuchin announced that the tax filing deadline has been extended to July 15, 2020. According to Mnuchin, “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

Note that this is a follow-up announcement to Notice 2020-17 that had previously only extended the payment deadline until July 15, 2020.

As of Sunday the 22^nd, there has been no indication (yet) that the Michigan Department of Treasury will follow the same directives for the State tax filing deadline. The Michigan Association of CPA’s has been in contact with the Treasury Department to urge the State to mirror the Federal announcement. Stay tuned.

Despite this, we encourage ALL of our clients to get their information together as soon as possible so we can review, prepare and advise promptly and accordingly. Most of our clients are obtaining refunds, and those extra funds are a much needed life-line given the current crisis.

JAS&Co offices are CLOSED

 

We understand that everyone is concerned about Coronavirus. And we are as well, which is why we are taking precautions to keep our clients and our staff safe.

Following Governor Whitmer’s latest directive (Monday the 23^rd) we have closed our offices (until further notice), and our entire staff is fully equipped to serve you remotely – at home.

If you have tax documents to deliver, please do so through your client portal or by US mail. Due to our office closure, our USPS mail will be checked only 3 times per week. For this reason, uploading to your client portal will be the QUICKEST way to get the information to us.

Please note – when scanning your documents to upload, make sure they are in PDF or Microsoft Excel/Word formats only.

All emails and calls are directly routed to each of our staff at home, and we will continue to be here to serve you during this difficult and unusual time.

In addition, we are equipped to setup VIRTUAL meetings – by video conference.

If you would like to setup a Video conference meeting just let us know.

We will all get through this together.

CORONAVIRUS ECONOMIC ASSISTANCE PROGRAMS FOR BUSINESSES

Provided below are the primary programs in place as of March 23, 2020.

1. US Treasury payroll tax reduction:

• For an employee who is unable to work because of Coronavirus quarantine or self-quarantine or has Coronavirus symptoms and is seeking a medical diagnosis, eligible employers may receive a refundable sick leave credit for sick leave at the employee’s regular rate of pay, up to $511 per day and $5,110 in the aggregate, for a total of 10 days.
• For an employee who is caring for someone with Coronavirus, or is caring for a child because the child’s school or child care facility is closed, or the child care provider is unavailable due to the Coronavirus, eligible employers may claim a credit for two-thirds of the employee’s regular rate of pay, up to $200 per day and $2,000 in the aggregate, for up to 10 days.
• For an employee who is unable to work because of a need to care for a child whose school or child care facility is closed or whose child care provider is unavailable due to the Coronavirus, eligible employers may receive a refundable child care leave credit. This credit is equal to two-thirds of the employee’s regular pay, capped at $200 per day or $10,000 in the aggregate. Up to 10 weeks of qualifying leave can be counted towards the child care leave credit.
• State of Michigan
• Michigan Small Business Development Center – Resources for Michigan small businesses during COVID-19.

https://www.michiganbusiness.org/about-medc/covid19/

• Michigan Unemployment Insurance Agency – Resources for employers and employees affected by the COVID-19 crisis.
  • Unemployment benefits for industries, employers, and employees directly affected by the Governor’s Executive Directives and Orders. https://www.michigan.gov/leo/0,5863,7-336-78421_97241---,00.html

2. Federal SBA https://www.sba.gov/funding-programs/disaster-assistance

• Working capital loans to small businesses suffering substantial economic injury as a result of the Coronavirus. Loans up to $2,000,000. https://disasterloan.sba.gov/ela/

3. Traditional Non-Disaster SBA Small Business Expedited Loans. https://celticbank.com

Please contact our office at 248-747-8351 for additional details.

We are here to help you obtain economic assistance and answer any questions you may have.