E. Cohen has created a COVID-19 Resource Center to help disseminate important tax and accounting information for our clients and friends as we evaluate ways to mitigate the inevitable financial effects. We’ll keep you up to date with relevant news, tax and compliance changes, new regulations and anything else we believe you need to know. We’re actively monitoring executive orders and legislative changes and sharing updates critical to you and your business. If you have questions about any of these resources, contact us.
All information provided below is current as of the date it was written and may change as the situation evolves.
4/6/2020 E.Cohen Publishes Useful Whitepaper on Families First Coronavirus Response Act (FFCRA)
E. Cohen’s FFCRA experts, Alisa Raney and Liz Fuentes, have authored a useful whitepaper on the various benefit options available to employees who may have been adversely impacted by the COVID-19 pandemic. You can download this informative PDF whitepaper by visiting: https://ecohen.com/wp-content/uploads/2020/04/ecohen_FFCRA.pdf
3/22/2021 District of Columbia Individual Income and Franchise Tax Extended Until May 17, 2021
The District of Columbia has extended the deadline to file and pay all income tax returns until May 17, 2021. For more information, please visit: https://ecohen.com/blog/district-of-columbia-individual-income-and-franchise-tax-extended-until-may-17-2021/
3/18/2021 BREAKING NEWS: The IRS Extends Income Tax Filing Deadline to May 17th
The Treasury Department and Internal Revenue Service announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021, giving taxpayers additional time to file returns and pay any outstanding levies. For more information, please visit: https://ecohen.com/blog/breaking-news-the-irs-extends-income-tax-filing-deadline-to-may-17th/
3/17/2021 House votes to extend PPP deadline until May 31
The House voted to provide an extra two months for the Paycheck Protection Program, giving businesses until May 31 to apply for forgivable loans during the pandemic. To learn more, please visit: https://ecohen.com/blog/house-votes-to-extend-ppp-deadline-until-may-31/
12/22/2020 PPP Loan Expenses Deductible At Last
On December 21, 2020, both houses of Congress passed The Consolidated Appropriations Act, 2021 to fund the federal government through the end of its September fiscal year. To learn more please visit: https://ecohen.com/blog/ppp-loan-expenses-deductible-at-last/
11/23/2020 IRS Releases Updated Taxation Guidance for PPP Loan Forgiveness
As was widely reported back in May, the Internal Revenue Service (IRS) issued Notice 2020-32, in which it determined that 2020 expenses which have been paid using Paycheck Protection Program (PPP) loan proceeds will be nondeductible to the extent those loans are subsequently forgiven. To learn more please visit: https://ecohen.com/blog/irs-releases-updated-taxation-guidance-for-ppp-loan-forgiveness/
9/2/2020 Payroll Tax Deferral – A Detailed Look at the “Payroll Tax Holiday”
On August 8, 2020, the President of the United States issued presidential memoranda on deferring payroll tax obligations in light of the ongoing COVID-19 pandemic. To learn more please visit: https://ecohen.com/blog/payroll-tax-deferral-a-detailed-look-at-the-payroll-tax-holiday/
8/5/2020 New Guidance on Maryland Conformity with CARES Act
In 2017, the Tax Cuts and Jobs Act (TCJA) made significant changes to the country’s tax laws, including the implementation of many favorable tax cuts, as well as several statutes that increased the tax burden. To learn more please visit: https://ecohen.com/blog/new-guidance-on-maryland-conformity-with-cares-act/
6/5/2020 Senate Passes House Bill H.R. 7010 – PPP Borrowers Breathe A Great Sigh Of Relief
In an article for Forbes, Alan Gassman outlined the measures laid out in House Bill H.R. 7010 to ease the rules governing PPP loan forgiveness. To learn more please visit: https://ecohen.com/blog/senate-passes-house-bill-h-r-7010-ppp-borrowers-breathe-a-great-sigh-of-relief/
5/8/2020 Accelerating Losses from COVID-19 to Increase Immediate Cash Flow
For businesses in need of an immediate increase in short-term cash flow given losses incurred from COVID-19, Section 165(i) may provide an opportunity to accelerate current losses to the 2019 tax year to provide a reduction of cash tax payments or allow for a refund of prior year taxes paid. To learn more, please visit: https://ecohen.com/blog/accelerating-losses-from-covid-19-to-increase-immediate-cash-flow/
4/10/2020 IRS Extends More Deadlines Covering Individuals, Trusts, Estates, and More
To help taxpayers, the Department of Treasury and the Internal Revenue Service announced yesterday that it intends to extend additional key tax deadlines for individuals and businesses. To learn more please visit: https://ecohen.com/blog/irs-extends-more-tax-deadlines-covering-individuals-trusts-estates-corporations-and-others/.
3/28/2020 Congress Approves COVID-19 Stimulus Package
Congress overwhelmingly passed the largest rescue package in American history to support the U.S. economy with approximately $2 trillion in aid in response to the COVID-19 pandemic. To learn more please visit: https://ecohen.com/blog/congress-approves-stimulus/.
3/28/2020 Federal Tax-Related Actions Taken Against COVID-19
IRS has taken actions and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19. To learn more please visit: https://ecohen.com/blog/federal-tax-actions-covid-19/.
The Federal government will offer relief to all taxpayers who have returns and payments due on April 15, 2020. The deadline moves to July 15, 2020. Associated interest, additions to tax, and penalties will be suspended until July 15, 2020. To learn more about the new date and how states are conforming please visit: https://ecohen.com/blog/federal-and-state-government-are-acting-quickly-to-provide-tax-relief/.
3/24/2020 DC’s Tax Filings and Payment Deadline Extended
DC individual and fiduciary income tax returns, partnership tax returns, and franchise tax returns is extended to July 15, 2020. To learn more about DC’s tax and payment deadline changes please visit: https://coronavirus.dc.gov/release/mayor-bowser-and-chief-financial-officer-dewitt-announce-2019-tax-filings-and-payment.
3/24/2020 VA Makes Changes to Filings and Payment Deadlines
VA offers relief for taxpayers affected by ongoing COVID-19 pandemic. To learn more about VA’s tax and payment deadline changes please visit: https://www.tax.virginia.gov/news/coronavirus-updates.
2/16/2021 Franchot Announces Processing of RELIEF Act Payments Has Begun
Comptroller Peter Franchot today joined with key agency personnel to outline how the Comptroller’s Office will process stimulus payments included in the RELIEF Act of 2021. For more information, visit: https://ecohen.com/blog/franchot-announces-processing-of-relief-act-payments-has-begun/
2/15/2021 Maryland General Assembly Passes $1B Pandemic Relief Measure
The Maryland General Assembly passed a pandemic relief measure on Friday that will deliver more than $1 billion in tax relief and economic stimulus for low-income families and small businesses. For more information, visit: https://ecohen.com/blog/maryland-general-assembly-passes-1b-pandemic-relief-measure/
11/19/2020 Recovery | For Businesses
The Office of the Deputy Mayor for Planning and Economic Development launched the Bridge Fund, a $100 million investment in businesses and workers grappling with the COVID-19 public health emergency in the hospitality, entertainment, and retail sectors. For more information, visit: https://coronavirus.dc.gov/page/recovery-businesses
7/14/2020 Reopening Expense Assistance for Montgomery County Businesses and Non-Profits
On July 7, the Montgomery County Council approved a special appropriation of $14 million to create the Reopen Montgomery Business Assistance Program. For more information, visit: https://ecohen.com/blog/reopening-expense-assistance-for-montgomery-county-businesses-and-non-profits/
5/18/2020 SBA Releases Forgiveness Application Answering Many Lingering Questions
The Small Business Administration (SBA) released the forgiveness application for loans disbursed under the Paycheck Protection Program (PPP), answering many questions regarding eligibility and requirements. For more information, visit: https://ecohen.com/blog/sba-releases-forgiveness-application-answering-many-lingering-questions/
4/22/2020 Congress Passes Additional Stimulus Relief Package
Congress passed a $484 billion coronavirus relief package aimed at the public health and economic crises converging from the pandemic. Please visit: https://ecohen.com/blog/senate-passes-additional-stimulus-relief-package-headed-to-house/ for more information.
4/14/2020 Prince George’s County COVID-19 Business Relief Fund
The Prince George’s County COVID19 Business Relief Fund is a $15M fund established to provide financial assistance to businesses affected by the COVID-19 crisis. Please visit: https://www.pgcedc.com/covid-business-fund-2020 for more information.
4/1/2020 The Paycheck Protection Programs Could Bring Much Needed Relief
The COVID-19, Relief, and Economic Security Act (CARES) makes $350 billion in paycheck protection loans available to small businesses, with individual businesses eligible for up to $10 million in forgivable loans. Please visit: https://ecohen.com/blog/paycheck-protection-program for more information.
4/1/2020 Montgomery County Public Health Emergency Grant (PHEG) Program
The Montgomery County Public Health Emergency Grant program is designed to provide financial assistance to Montgomery County for-profit businesses (including sole proprietorships and independent contractors) and nonprofit organizations that have experienced significant financial loss caused directly or indirectly by a public health emergency. Local businesses may be eligible for grants of up to $75,000. Please visit: https://www.montgomerycountymd.gov/Biz-Resources/pheg/ for more information.
3/24/2020 DC to Offer Small Business Recovery Microgrants
DC will invest $25 million to help with COVID-19 recovery by offering microgrants to small businesses. Business owners must act fast! Please visit: https://coronavirus.dc.gov/dc-small-business-recovery-grants for more information.
3/23/2020 Maryland Announces COVID-19 Emergency Relief Fund Programs for Businesses
Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been negatively impacted by COVID-19. To learn how you can take advantage of these aid programs please visit: https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-fund-programs.
3/23/2020 SBA Providing Disaster Assistance Loans for Small Businesses Impacted by COVID-19
The SBA is working directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). Business owners can visit: https://www.sba.gov/funding-programs/disaster-assistance for more information.
11/2/2020 Baltimore Nonprofit Relief Fund
From youth development to providing a helping hand to neighbors experiencing homelessness, nonprofit organizations play a critical role in helping Baltimore residents build a good life. To learn more, please visit: https://www.baltimorecivicfund.org/nonprofit-relief-fund/
11/2/2020 COVID-19 Layoff Aversion Fund – Workforce Development and Adult Learning
Governor Larry Hogan and the Maryland Department of Labor have announced additional funding is available beginning Wednesday, October 28th through the successful COVID-19 Layoff Aversion Fund, which is designed to support small businesses undergoing economic stresses due to the pandemic by preventing or minimizing the duration of unemployment resulting from layoffs. To learn more, please visit: https://www.dllr.state.md.us/employment/covidlafund.shtml
3/26/2020 How Nonprofits Can Utilize the New Federal Laws Dealing with COVID-19
Nonprofit Quarterly asked Tim Delaney, president & CEO of the National Council of Nonprofits, to share insights about how nonprofits might utilize the new federal legislation relating to COVID-19 to advance their missions. To read the entire article visit: https://nonprofitquarterly.org/how-nonprofits-can-utilize-the-new-federal-laws-dealing-with-covid-19/.
6/24/2020 New Maryland Employer Tool for Updating Return to Work Dates and Reporting Job Refusals
Governor Larry Hogan recently announced the next round of safe and phased reopenings in conjunction with stage two of the ‘Maryland Strong: Roadmap to Recovery’ plan. To learn more, please visit: https://ecohen.com/blog/new-maryland-employer-tool-for-updating-return-to-work-dates-and-reporting-job-refusals/.
3/24/2020 IRS Provides Guidance on the Families First Coronavirus Response Act
The Federal government announced that employers can begin taking advantage of two new refundable payroll tax credits designed to reimburse COVID-19. To learn more about the Act and how it protects businesses/individuals please visit: https://ecohen.com/blog/irs-provides-guidance-on-the-families-first-coronavirus-response-act/.
3/23/2020 U.S. Department of Labor
The U.S. Department of Labor has centralized online resources to help workers and employers prepare for the COVID-19. For more information visit: https://www.dol.gov/coronavirus.
3/22/2020 Maryland Health Connection
To prioritize health and safety in response to COVID-19, Maryland Health Connection opened an emergency special enrollment period for uninsured Marylanders. Uninsured residents can visit: https://www.marylandhealthconnection.gov/coronavirus-sep/ for more information.
3/25/2020 DC’s Bowser Orders Closure of Non-Essential Businesses
Mayor ordered the temporary closure of the on-site operation of all non-essential businesses and prohibits gatherings of 10 or more people. For more information about the mayor’s order please visit: https://coronavirus.dc.gov/release/mayor-bowser-orders-closure-non-essential-businesses.
3/23/2020 MD’s Hogan Orders Statewide Closure of Non-Essential Businesses
Maryland’s governor ordered the closure of all non-essential businesses in the state. For more information about the governor’s order please visit: https://governor.maryland.gov/2020/03/23/governor-hogan-announces-closure-of-all-non-essential-businesses-175-million-relief-package-for-workers-and-small-businesses-affected-by-covid-19/.
3/23/2020 VA’s Northam Orders Statewide Closure of Non-Essential Businesses
Virginia’s governor ordered the closure of certain non-essential businesses. For more information about the governor’s order please visit: https://www.governor.virginia.gov/newsroom/all-releases/2020/march/headline-855292-en.html.