The U.S. House of Representatives passed a multi-billion dollar relief bill on March 14. This week, the Senate is expected to take up the proposed law, called the "Families First Coronavirus Response Act" after the House finalizes some technical corrections. It's unclear if the Senate will pass the bill in its current form but President Trump has indicated he supports it. Parts of the proposed law provide for free testing; emergency family and medical leave benefits; emergency paid sick leave benefits; employer and self-employed tax credits; and exclusion from employer FICA tax with respect to the payment of those benefits.
As of this writing, the Wall Street Journal reported that Treasury Secretary Steven Mnuchin announced that the U.S. government will postpone the April 15 tax payment deadline for 90 days. Currently there is no mention of delaying the filing date. According to Secretary Mnuchin, the delay is available to people who owe $1 million or less, and corporations that owe $10 million or less. The IRS hasn’t yet released full details about how the delay will work.
This continues to be a fluid situation, so we will continue to monitor the situation and communicate with you any changes. If you have any questions or concerns, please do not hesitate to contact us at (770) 287-7800.
Thank you for your ongoing confidence and trust in us as we maneuver through these unusual circumstances.
Your Team at Rushton