COVID-19 CRISIS

Dear Valued Clients,

As everyone knows, the COVID-19 virus has caused a major and unprecedented disruption in our communities. Our top priority is meeting deadlines for our clients and providing them with the information and support that they need. We are working extremely hard to make sure the highest level of service that you are accustomed to receiving from us stays steady, even during the crisis. There is plentiful information that is circulating online concerning taxes and deadlines; we wanted to share some of the important items directly with clients:

The deadline to file tax returns has been extended. Returns and extensions are now due on July 15, 2020, rather than April 15, 2020. No interest or penalties will accrue on taxes owed until after this date.
The “90 day” deferral period refers to the payment of taxes – both for 2019 taxes that would normally be due with extensions or filed returns, and federal 1st Quarter estimates for 2020 for individuals and corporations.
If you owe state taxes, the States of Illinois and Missouri have followed the federal guidelines and extended tax returns and payments due date until July 15th. Some states still have the April 15, 2020 deadline. Check with your state’s tax department to find out if they have decided to follow the Federal government’s extension.

* This deferral removes any interest and late payment penalties associated with these payments that would otherwise be due until July 15, 2020, and includes self-employment taxes paid as part of an individual tax return (Form 1040).

* The maximum deferral for individuals is limited to $1 million, and for corporations, the cap is $10 million. If your total tax bill exceeds those amounts, we will recommend payments to the extent it exceeds those maximums.

*The federal government and the State of Illinois are offering loans and grants to small businesses impacted by the virus. Please visit their websites for more information (links below).

We stand ready to either prepare or extend your income tax returns in the same manner as always. Like many businesses, we are working to remain "open." Please don’t hesitate to reach out by phone or email so we can discuss timely and strategic delivery of our services.

As always, we very much value your business and will continue to be your trusted partner through these uncertain times.

Resources

Federal SBA Disaster Loan Program - Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

State of Illinois Disaster Relief Website - What can grants be used for? Grants can be used to support working capital. How do businesses apply? Businesses in the eligible areas should work with their local governments to submit applications.

Emergency Small Business Grants and Loans Assistance

Updated Employment Posters for Businesses