An Update on COVID-19

As we, individually in our roles as business, organizational, community, and family leaders, deal with the evolution of COVID-19 and its impact across all facets of everyday life, one important aspect to successfully navigating these times is to be well informed and plan accordingly.

Our leadership understands this and is committed to getting you just that: timely and accurate information that you can use to make important decisions in a proactive manner.

Over the next days and weeks, we will be providing you with up-to-date information regarding tax, HR, and other changes, both locally and nationally to keep you informed.

We are also considering virtual round table events that will focus on HR issues, as well as general business and tax considerations to help navigate our current situation and provide a forum to discuss specific issues you are facing with other business leaders.

So please look out for topical emails from us, as well as Zoom invitations to virtual round table events.

Most importantly, know that we are here to help and are just a phone call away.

What we do know:

  • The IRS has extended the filing and payment deadline, without penalty and interest, to July 15, 2020 for individuals, C corporations, and trusts. This may change and be pushed back even further.
  • There have been significant changes to the Family Medical Leave Act and required sick pay payments to employees, but how the Treasury Department and the payroll service providers actually implement these new rules will be available soon (fingers crossed). It appears from what we have read, that federal income tax and FICA will still be withheld from employees’ checks and the FICA matched by the employer, but these funds maybe be used to help fund the payments to employees effected by COVID-19.

There will be more to come…stay tuned…and stay well!

Santora CPA Group
Call us 302-737-6200