Personal and Business Taxes:
“In a press briefing, Treasury Secretary Steven Mnuchin said that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15, while corporations can defer up to $10 million.”
There is no mention of failure to file penalties being waived. There is no mention of a tax FILING deadline being changed for business and or personal taxes. You still need to file or place you on extension as required by current law.
Loss of Business:
The Feds have opened up a new way for businesses to get lending quickly for the COVID 19 outbreak and the issues it has caused for small business:
Call your local bank that you have been working with. Ask for the Loan forgiveness program information. This is supposed to be a one page form going through your own bank. If you have a particular person you work with at the bank-talk to them directly. This is supposed to be much faster and easier. For any of you who have tried the SBA disaster assistance you know that it is very time consuming and arduous at best. Call your banker-or see them in person asap!
Other helpful links
If you are experiencing a shutdown or a loss of business due to the Covid 19 outbreak there is help available:
This is a link to the SBA Disaster Assistance loan program.
This is a link for business guidance and loan resources
The State of Mass also has https://www.mass.gov/info-
details/covid-19-resources- and-guidance-for-businesses# small-business-recovery-loan- fund-
You should also contact your insurance carrier to see if you have loss of business coverage. This may be a better option for some.