Video: COVID-19 Tax Update
April 17, 2020
Tax Deadlines Move to July 15
Applies to individuals, trusts and estates, businesses, and the self employed. Payment deadlines are extended for 2019 income tax payments and self employment tax payments.
Families First Coronavirus Response Act
The new law requires paid sick leave for workers when they can’t work because of quarantine, COVID-19 symptoms or seeking diagnosis. Employees receive 2 weeks of leave at two thirds of the employees pay when they have to care for someone in quarentine, to care for a child if school is closed or if childcare is closed due to COVID-19.
In the next few weeks look for a $1,200 payment for individuals or $2,400 payment for married couples, plus $500 for each child under age 17. The stimulus payment is phased-out for single incomes above $75,000 or $150,000 for married taxpayers. Payments are based on 2019 returns or 2018 if you have not yet filed for 2019.