The new Families First Coronavirus Response Act, H.R. 6201 states that government entities and employers with fewer than 500 workers are mandated by the Act to provide up to 80 hours of paid sick leave to all covered employees and up to 10 weeks of paid family leave for certain employees affected by COVID-19 who have worked at the company for at least a month. Learn More https://www.compasspointecpas.com/covid-19-for-businesses
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COVID-19 for Businesses
Notice 2020-17 announced last Friday that it was pushing back the deadline for federal tax payments (up to $1 million for individuals and up to $10 million for corporations) that were due on April 15 to July 15. The taxpayer’s filing status, ie. single, married filing jointly, does not matter in this case. The $1 million threshold also applies to trusts and estates. Learn More https://www.compasspointecpas.com/covid-19-for-individuals-and-the-self-employed
COMPASSPOINTECPAS.COM
COVID-19 for Individuals and the Self-Employed
The Families First Coronavirus Response Act, H.R. 6201 has been signed into law. Here are some details. https://www.compasspointecpas.com/covid-19-for-businesses
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COVID-19 for Businesses
Due to the current status of the COVID-19 outbreak, Compass Pointe CPAs is taking precautions to help protect our clients and staff. We are postponing face-to-face meetings until further notice. Instead, we are encouraging you to schedule a telephone or online conferencing call to discuss your tax or accounting needs. Federal and state filing deadlines have been extended.
Our office is open from 9 a.m. to 4 p.m. Monday through Friday (closed Saturday and Sunday) to drop off or pick up your tax information and other documents. However, please be mindful of others and avoid coming into our office if you are ill or have been exposed to someone who is ill.
Due to the impact of COVID-19 and in response to recommendations from state and local health officials, we are revising our lobby hours going forward until further notice. The revised hours are as follows:
Monday - Friday: 9am - 4pm
Saturday: Closed
Sunday: Closed
ALERT - our previous post regarding SBA PPP loan forgiveness has been updated in light of the IRS' Revenue Ruling 2020-27, which was released shortly after us writing the initial blog on Wednesday. See the updated blog post from Matt Caras here for important updates:
https://www.compasspointecpas.com/paycheck-protection-program-loan-forgiveness-part-2
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Paycheck Protection Program (PPP) Loan Forgiveness Part 2
Important update from the Governor of Indiana regarding COVID-related business requirements: https://www.in.gov/gov/files/Executive_Order_20-48_Color-Coded_County_Assessments.pdf
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www.in.gov
Indiana business owners, not a huge update here, but still an important update regarding filing your business personal property tax returns: https://www.compasspointecpas.com/indiana-rolls-out-business-personal-property-tax-portal
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Indiana Rolls Out Business Personal Property Tax Portal
What a year 2020 has been! Check out our year end tax, accounting, and PPP loan program updates:
https://www.compasspointecpas.com/ppp-changes-and-second-draw-loans
COMPASSPOINTECPAS.COM
PPP Changes and Second Draw PPP Loans