COVID-19 resource page for US clients
We understand the stress and economic consequences that have been brought on by the COVID-19 crisis. HerrickGlobal is deeply involved in assessing the challenges facing many during this time and providing strategic guidance to those in need. The resources listed below will offer links for both Individuals and Businesses for guidance, research, external sites, and online news stories from our trusted partners. We will strive to keep all new content updated regularly. The content below is provided for general information purposes only and does not constitute professional advice. For the most up to date information, please contact your HerrickGlobal advisor.
Filing deadlines and payments
Filing and payment deadlines for Federal and State returns have been automatically extended to July 15th along with all April 15th payments. This includes the April 15th and June 15th estimated tax payments as well. A trusted partner, CCH Wolters Kluwer, has created a comprehensive list for Federal and State extension deadlines. FILING DEADLINES SUMMARY CLICK HERE
The Coronavirus Aid, Relief, and Economic Security Act (CARES) contains a host of tax measures. The Journal of Accountancy has prepared an excellent summary which covers Recovery Rebates, Payroll Tax Credit Refunds, Employee Retention Credit, and much more: CARES ACT SUMMARY CLICK HERE
Most taxpayers will receive, at some point, the promised stimulus payment from the IRS. Individuals are eligible for up to $1,200 and couples filing jointly would receive $2,400. Additionally, the IRS is giving $500 per child under the age of 17.
Cybersecurity, in this day and age, is of the utmost importance. The IRS recently warned the public that COVID-19 related scams are on the rise. According to the AICPA, please remember that:
- The IRS will not ask taxpayers to give personal or financial information over the phone or email to help accelerate the payment of a stimulus payment.
- Be skeptical of text messages or website and social media requests for money or personal information.
- If a taxpayer needs to use the IRS online portal to get a stimulus payment, do not provide direct deposit information or other banking information to others.
Retirement Distributions and Plan loans
COVID-19 Retirement Distributions and Plan loans: Congress has provided two ways for using retirement accounts to get cash during the COVID-19 crisis. CCH Wolters Kluwer provides an excellent summary. COVID-19 RETIREMENT PLAN LOANS SUMMARY CLICK HERE
Additional Important links
- If you are not set-up for direct deposit with the IRS, then you will receive your refund or stimulus check in the mail. Please review your most recently filed tax return and make sure that your contact information is up to date. Use this form if changes are needed: IRS UPDATE/CHANGE OF ADDRESS FORM.
- If you are waiting for a refund from the IRS. The IRS has a portal that can be used to see the status of your refund. IRS WHERE IS MY REFUND CLICK HERE
- In case of undue hardship, it would be important to reach out to your local Taxpayer Advocate Office. CLICK HERE TO FIND THE NEAREST OFFICE
Your HerrickGlobal advisor can help you navigate the many relief programs that are being offered to businesses affected by the COVID-19 crisis. The Small Business Adminstration (SBA) is offering relief through the following programs:
- Paycheck Protection Program (PPP) update 4/16/2020: Suspended due to funding running out. Congress is working on more funding. If the program is funded again, make sure to apply without delay. See article by CNN covering the story: CLICK HERE
- update 4/21/2020: The Vermont District office of the SBA shares guidelines to maximize loan forgiveness: CLICK HERE
- Economic Injury Disaster Loan (EIDL) and Emergency Economic Injury Grants
- Small Business Debt Relief Program
The AICPA has created a snapshot of the above mentioned programs that can help you understand the various options available to you. CLICK HERE FOR SUMMARY
We know that a lot is being said in the news about the COVID-19 crisis. We hope to continue to provide short and quick updates on this page to cut through all the misinformation that exists out there.
Right now, I am pleased to report that we are generally on schedule and expect it to continue that way – but should that change significantly, we will work to keep our clients informed.
Those who may know me personally probably realize that I place much importance on gratitude. In every adversity, there is opportunity if we dig deeply enough to find it. I invite all who may read this to pause, as frequently as you feel it is needed, to reflect on the many small things for which we can each be grateful. Together, we can uplift little by little the mental mood of our world.
Thank you for your part.
Claude R. Schwesig, CPA