Coronavirus Government Relief Highlights
1. Economic impact payments
-
$1,200 check to individuals who earn less than
$75,000 (single) or $150,000 (married)
-
Smaller check for many earning more than that
- $500 additional check for each dependent child
-
Need to file a tax return for 2018 or 2019
-
Money will be deposited in bank account listed
on tax return (will get check if no bank account listed)
2. Employee retention credit
- Applies to business shut down by government order or business whose sales have dropped by 50% from 1st qtr 2019 numbers
- Credit equal to 50% of wages, up to $10,000 in credit
- Applies to wages after March 12, 2020 to January 1, 2021
- If business has under 100 employees, applies to all wages worked or not
- If business has more then 100 employees, applies only to wages not worked for
- Receive credit on quarterly payroll tax return, or by submitting form 7200
3. Changes to tax due dates and installment arrangements
-
Due date for all federal income tax returns
extended to July 15, 2020
-
Applies to tax filing and tax payments
-
Tax installment obligations are suspended until
July 15, 2020
-
Action on tax liens and levies is suspended
until July 15, 2020 except for high income TP
4. Expanded unemployment benefits
-
Unemployment benefits expanded by 13 weeks
-
An additional $600/week in federal benefits
added to state maximum benefits
-
Benefits are extended to self-employed workers
and Gig workers
-
Those with a poor work history may qualify for
benefits
-
Benefits apply to those laid off temporarily or
indefinitely
-
Must apply for unemployment through your state
unemployment office
* No assurance is provided, please consult with your accountant or legal counsel*
www.irs.gov/coronavirus
www.irs.gov/coronavirus
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