COVID-19 Information

Information for filing deadlines
IRS
The IRS deadline for filing and payments has been extended to July 15th. First and second quarter estimated tax payments are due July 15th. The April 15th deadline is now completely extended to July 15th without any exceptions. This extension does not affect payroll taxes.

Oregon
The Oregon deadline for filing and payments has been extended to July 15th. However, all estimated tax payments for 2020 are due, as normal, which includes the first payment on April 15th.

TriMet
The TriMet deadline for filing and payments has been extended to July 15th.

Portland/Multnomah County/Arts Tax
The Arts Tax filing and payment deadline has been extended to July 15th.
The City of Portland Business License and Multnomah County Income Tax returns and payments due April 15th are extended to July 15th. The due dates for estimated tax payments for 2020 have not changed.

Retirement Contributions
IRA (traditional and Roth) are now due July 15th for 2019. Other retirement account contributions are also due July 15th, and can be extended to October 15th.

Extensions
If you would like to extend your tax returns past the new July 15th deadline, those extensions will be due July 15th, and will extend the due date for filing your tax return (but not payments) to October 15th.

Other States and Localities
We have information on other state and locality deadlines, but there is too much to put here. If you are a client with another state or local filing requirement, please contact us.

Stimulus Package Information
There have been two major bills passed to provide relief to the US economy. Here are the highlights, as we understand them. Information here is generic, and you should not act on anything without consulting us first.

Employers
Note that use of one of these programs may disqualify you from using another.

Sick Pay: Employers with fewer than 500 employees will be reimbursed for the cost of paid sick leave of up to 80 hours for certain employees affected by coronavirus or related closures after April 1st. A similar tax credit for self-employed individuals will be available on the 2020 tax return.
Information From IRS

Payroll Tax Deferral: Any of the employer’s share of Social Security tax owed for 2020 can be delayed, with half being due by 12/31/2021, and the other half due 12/31/2022. We do not recommend this for most employers, as it is the least beneficial of the options, and there is no decrease in liability. If you do not qualify for any of the other programs, and you won’t be negatively affected by increasing your tax liability in 2021 & 2022, this may be a program you will want to use. A similar deferral will be available to self-employed individuals on the 2020 tax return.
Information From IRS

Payroll Retention Credit: Employers will be paid up to 50% of wages for each employee, capped at $10,000 in wages, for payments made during full or partial suspension of operations at the direction of state or local governments due to COVID-19, or that have gross receipts of 50% less than the same quarter in the previous year until reaching 80% of gross receipts.
Information From IRS

SBA Loans/Paycheck Protection Program: This appears to be the best option for just about anyone that qualifies for it. The best thing to do is to start with your bank. If that doesn’t work, contact us.
Information From SBA

Individuals
Economic Impact Payments (Stimulus Checks): Payments of up to $1,200 for each adult person making less than $75,000 ($150,000 if filing joint), $500 for each child, amounts reduced to zero if you make more than $99,000 ($198,000 if filing joint), paid “as rapidly as possible.” This payment is based on your 2019 tax return filing; if you have not yet filed 2019, it is based on your 2018 filing (if you were under the limit for 2018, over for 2019, and have not yet filed 2019, you may want to wait until receiving your payment to file). If you did not file a return for either year, you can register with the IRS to receive the payment, but social security recipients do not need to file a return to receive this payment. If you do not receive payment during 2020, there will be a credit on your 2020 tax return for any amount that should have been paid to you. The first wave of payments is being made via direct deposit. The IRS will give a chance to provide direct deposit information if you haven’t had it in the past.
IRS site to register for 2018 & 2019 non-filers, and updating bank account
If you are getting a message of “Payment Status Not Available” or any other message, it does not mean anything other than the IRS has not fully updated their site yet. Try again in 24 hours. We cannot provide any additional information about your payment.

Unemployment insurance is to be bolstered with a $600 per week extra payment to those claiming unemployment. Some self-employed individuals will qualify for unemployment benefits, which has generally not been the case in the past.
Information from Oregon Employment Department

Last Updated: 4/30/2020 | 4:00pm

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