News & Tech Tips

Families First Coronavirus Response Act

Kathleen Hargrove on March 21, 2020

The Senate passed the House Coronavirus Bill (The Families First Coronavirus Response Act) on Wednesday, and it has been signed into law by the President. This is the second package from Congress dealing with the Coronavirus outbreak.
 
Congress and the Administration are now working on a third phase to further stem the impact of the outbreak on families and the economy which would include stimulus checks.
This bill responds to the coronavirus outbreak by providing paid sick leave and free coronavirus testing, expanding food assistance and unemployment benefits, and requiring employers to provide additional protections for health care workers.
It also provides FY2020 appropriations to the Department of Health and Human Services for nutrition programs that assist the elderly.
The supplemental appropriations provided by the bill are designated as emergency spending, which is exempt from discretionary spending limits.
The bill modifies USDA food assistance and nutrition programs to:
  • Allow certain waivers to requirements for the school meal programs
  • Suspend the work requirements for the Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program)
  • Allow states to request waivers to provide certain emergency SNAP benefits
In addition, the bill requires the Occupational Safety and Health Administration to issue an emergency temporary standard that requires certain employers to develop and implement a comprehensive infectious disease exposure control plan to protect health care workers.
The bill also includes provisions that:
  • Establish a federal emergency paid leave benefits program to provide payments to employees taking unpaid leave due to the coronavirus outbreak
  • Expand unemployment benefits and provide grants to states for processing and paying claims
  • Require employers to provide paid sick leave to employees
  • Establish requirements for providing coronavirus diagnostic testing at no cost to consumers
  • Treat personal respiratory protective devices as covered countermeasures that are eligible for certain liability protections
  • Temporarily increase the Medicaid federal medical assistance percentage (FMAP)

We are continuing to monitor these rapidly changing situations, and will keep you updated on any developments.

As always, if you have any questions about how these announcements may affect you or your business, please contact your Whalen Advisor.  We are always ready and available for you during this unprecedented time.

Tax Deadline Extended

Kathleen Hargrove on March 21, 2020

Treasury Secretary Steven Mnuchin announced Friday that President Trump has directed him to move Tax Day to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus pandemic.

 

All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.

In addition, the IRS released IR-2020-58 on Saturday which has additional updates regarding this extended due date and the payment of federal income tax returns. Highlights from the notice include:

  • Due date will automatically extend from 4/15 to 7/15  – no extension forms are needed.
  • Payment, regardless of the amount, can also be deferred until 7/15, without penalties and interest.  There is no longer a $1 million or $10 million limit. This applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
  • The period beginning on 4/15/20 and ending on 7/15/20 will be disregarded in the calculation of any penalty, interest or addition of tax for failure to file the federal income tax returns or pay the federal income tax postponed by the Notice.
  • Individuals who need an additional extension beyond 7/15 will need to file the proper extension form and pay the tax by 7/15.
  • Currently, this extension is only for those taxes due 4/15.  This means the second quarter estimates due 6/15 will still be be due by that date.
The IRS still urges those individuals who have refunds to file as soon as possible and to file electronically.  The IRS is continuing to accept tax returns and send refunds.
Please note that this extended due date is for federal returns only. Ohio and it’s municipalities have yet to announce extensions yet, but we will continue to keep an eye on this and notify you should this change. 

Mass Layoffs Due To Coronavirus

Kathleen Hargrove on March 20, 2020

All Ohio employers planning a mass layoff or shutdown due to the coronavirus (COVID-19) pandemic should provide the following mass-layoff number – 2000180 – and this link to an instructional sheet to their employees to speed the processing of unemployment benefits.

COVID-19-affected claimants with otherwise valid applications for unemployment will be awarded benefits. While claimants must still meet the weekly requirements that they be able available for work, the requirement that they must actively search for work while receiving benefits has been waived.

COVID-19-affected contributory employers will receive regular monthly charge statements, but these charges will be charged to the mutual account and not the employer’s account.

Reimbursing employers will follow existing charging requirements under Ohio Revised Code Chapter 4141.

For more information, please see the full press release or download the instructional sheet here.

 

As always, if you have any questions about how this announcement may affect you or your business, please contact your Whalen Advisor. 

 

 

SOURCE:

Ohio Department of Job and Family Services

 

 

 

Precautions Due To Virus Concerns

Kathleen Hargrove on March 12, 2020

The World Health Organization declared Wednesday that the spread of Coronavirus is now classified as a “global pandemic.”  Here in Ohio and across the country, many cities, schools, and businesses are taking necessary steps to help further prevent the spread of this and other viruses.
One of the best ways to prevent the spread of viral illness is to minimize circumstances in which individuals may interact and transmit illness. In alignment with this, our team at Whalen & Company is putting a plan in place to ensure the safety of all of our clients, staff, and community members.
Client Precautions:
We are asking for your cooperation to please refrain from in-person meetings and in-person acceptance or returning of any documents if you are currently:
  • Showing symptoms of a virus
  • Recently been in contact with anyone showing symptoms of a virus 
  • Returning from travel to a high risk area
  • Known to have a weakened immune system or health condition
In addition, we will be halting all monthly client workshops held in our office for the foreseeable future. We will keep you updated as to when these will resume, and will of course continue sending any urgent information on pressing topics via email.
We understand that these proactive measures may cause minor inconvenience, but your assistance and collaboration with this effort will help to ensure the safety of all. 
 
Proposed Solutions:
 
If you are unable to meet in-person for any of the reasons above, we would recommend utilizing one of the options below to ensure the completion of your deliverable:
  • Detailed phone conversation
  • Email correspondence
  • Submissions via our client portal
  • Provision of completed engagements via electronic means
  • Rescheduling in-person meeting to a later date
  • Filing an extension with applicable taxing agencies
We are, of course, happy to have a discussion with you regarding your personal situation to conclude which option would be best for you.
If you have any questions or concerns about these precautions, please contact your Whalen Advisor. 
We thank you for your continued loyalty and for your understanding and assistance with this matter.
-Your Whalen Team

IRS Announces Tax Relief for Tennessee Victims

Kathleen Hargrove on March 10, 2020

Victims of the severe storms, tornadoes, and flooding last week in Tennessee may qualify for tax relief from the IRS.
Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS has announced that affected taxpayers in certain areas will receive tax relief.
Individuals and households who reside or have a business in Davidson, Putnam and Wilson counties may qualify for tax relief.
The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after March 3, 2020, and before July 15, 2020, are granted additional time to file through July 15, 2020.
The July 15, 2020 relief applies to the individual income tax returns due on April 15, 2020 and quarterly estimated income tax payments due on April 15, 2020, and June 15, 2020,and to quarterly payroll and excise tax returns normally due on April 30, 2020. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2019 return due on May 15, 2020. Among other things, affected taxpayers will also have until July 15, 2020 to make their 2019 IRA contributions. In addition, penalties on payroll and excise tax deposits due on or after March 3, 2020 and before March 18, 2020, will be abated as long as the tax deposits were made by March 18, 2020.
If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.
The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief, but affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.
As always, if you have any questions about how this announcement may effect you or your business, please contact your Whalen Advisor. 
 
SOURCE:

Whalen CPAs
250 W. Old Wilson Bridge Rd., Suite 300
Worthington, OH 43085-2215
(614) 396-4200

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