LATEST VIRUS-RELATED TAX AND FINANCIAL INFORMATION

We will attempt to update you on things that are of general interest and what we know (not what we THINK we know about the Virus- related extensions, exceptions and financial assistance. We will update this information as it becomes available.

1. All 2019 Personal Income Tax returns are extended to July 15, 2020. The payment of taxes is also extended without penalty and interest until July 15^th including your tax estimates. (we are clear about the April 15^th estimates, not fully clear on June 15^th estimates)
2. Installment agreements are suspended from April 1-July 15^th. Interest and penalties will continue to accrue on those balances.
3. The Internal Revenue Service is basically closed for business, so we cannot communicate with them at this point. Field collection has been suspended for now, so no one will knock on your door. New and existing liens and levies will not be filed during this period
4. Retirees do not have to take their Required Minimum Distributions in 2020 (RMDs) from their pension plans or IRAs.
5. IRAs can be withdrawn (up to $ 100,000) without the 10% penalty for those under 59 ½. You will have 3 years to either pay back the amounts to the plan or pay the taxes without penalty
6. You will be getting $ 1,200 per adult and $ 500 per child under 17 from the government soon. This will be mostly limited to those with less than $ 75,000 income per single filer and $150,000 on a married filing joint return. Above those levels you will received less that the full amount. No word on whether this is income or some sort of advanced refund for 2020 like done in past situations.
7. You can delay your 2019 IRA contributions to July 15^th (see # 1)
8. There should be extended jobless benefits for employees laid off or fired due to the Virus. Be careful of scams. The correct website in Florida for making claims is “Floridajobs.org”.
9. Florida Annual Corporate and LLC reports have been extended to June 30, 2020 without penalty
10. March Sales Tax filing in Florida has been extended to April 30^th (normally April 20^th)
11. THERE HAVE BEEN NO ADJUSTMENT TO PAYROLL TAX REQUIREMENTS AT THIS TIME. So normal rules apply for payroll taxes.
12. Florida Emergency Loans can be applied for at floridadisasterloan.org. They are currently taking applications.  The SBA direct lending programs, while authorized by Congress have not yet been activated and the mechanics are not yet clear. If you are a current loan holder, please contact your lender. “Paycheck Protection Program” is one of these loans. Again, we do not have all the specifics yet.