COVID-19 Updates
Check here for the latest COVID-19 updates regarding your business and personal taxes
(Please note -- all information is changing rapidly, so be sure to do your own due dilligence)
View our recorded webinar to find out CARES Act can help your business
(recorded 4/3/20)
Stimulus Information
4/15/20 - IRS announced "Get My Payment" as a way to update bank info and check the status of the stimulus check here: https://www.irs.gov/coronavirus/get-my-payment
4/10/20 - IRS announced a link for registration if you aren't required to file a tax return but you can register to still get the stimulus payment here: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
4/3/20 - Stimulus check dates were announced today spanning from April 24th to September 11th and start with the lowest income increasing every couple weeks.
4/3/20 - The PPP loans -- Wells Fargo is taking indications of interest, US Bank is developing an online application that will be a digital submission and taking placemarkers via their website, Chase is accepting applications (so we heard). SBA.gov has the application that can be downloaded and reviewed along with a list of items you will need so you can be prepared with the bank.
4/3/20 - Some banks are not yet ready to take on the PPP loan, some have indicated it is done online, and the SBA announced an interest rate change on that loan from 0.5% to 1.0%.
3/31/20 - Summary of CARES Act with the links to handouts at the bottom:
Individuals –
- Stimulus checks of $1,200 per adult and $500 for children under 17 are being sent out sometime, but not sure when yet – month or two maybe – it’s based on income levels for 2019. If you haven’t filed 2019 then they look at 2018. But, it’s a payment for the 2020 taxes so if you get too much or not enough – that’s all reconciled on the 2020 tax return. These are sent out automatically.
- Unemployment is bumped up by $600/week and waives the normal one week waiting period – you apply to unemployment as normal.
- Other provisions are on the handout: CARES act summary
Businesses –
- Payroll forgiveness SBA loan at 2.5 times average payroll, forgiven when proven to be used for payroll costs. This is meant to keep people on payroll instead of laying them off on unemployment. This loan is done through a bank/private SBA lender. As of 3/28, they weren’t accepting applications yet.
- Economic disaster Loan and Express grant through SBA of $10k as part of an application for up to $1m (sometimes $2m). The $10k comes first and doesn’t have to be repaid if you’re denied for the other loan. This is applied for through the SBA.gov website directly and can cost about $2,500.
- Payroll tax deferral available to move payroll taxes due to be repaid in 2021 and 2022, nothing out yet about how this happens.
- Other information and summary on handouts: CARES act summary CARES Business Loan Comparison
3/29/20 - A couple of handouts that are helpful found here:
3/28/20 - Here is a summary of the stimulus information:
The refundable credit for coronavirus related paid leave is available for employees on payroll. This relief allows you to pay up to $511 a day for up to 10 days as coronavirus pay and receive a refundable payroll tax credit. The details are here as well: https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus
There is also a refundable tax credit for independent contractors (1099-MISC people) would have otherwise qualified, but these details aren’t all released by IRS as of yet.
The SBA disaster loans are loans. There is a reference to a “grant” but to know if you qualify, you have to apply with SBA : https://www.sba.gov/funding-programs/disaster-assistance
The stimulus payment is money that will be sent out automatically by IRS based on your 2018/2019 tax returns, but it will be reconciled as a payment with your 2020 tax return – an advance payment.
3/27/20 - Unemployment updates can be found here for Oregon: http://www.oregon.gov/employ The latest information on resources for workers and business owners is available at https://www.oregon.gov/gov/Pages/coronavirus2020.aspx.
3/26/20 - The Washington Post produced a stimulus check calculator and a brief summary of the plan. Keep in mind that the amount you receive is ultimately based on your 2020 taxes, so any payment receveived will be reported and reconciled on your 2020 tax return to ensure you receive the proper amount (either additional funds or repayment of funds). For more information: https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/
Our Offices
3/23/20 - Our offices will remain open for pickup and drop off service, but many of our employees will be working remotely. Your patience is appreciated!
3/22/20 - In an effort to continue our essential services, while still practicing social distancing, our offices are open for pickup and drop off services, regular business hours. Face-to-face meetings have all been modified to phone appointments. We are also offering mail and electronic delivery services.
Tax Deadline Extended
3/28/20 - The City of Portland announced that the due date is now extended for 2019 tax filings to July 15th, however the 2020 corporate estimated tax payments and lodging tax payments are not extended. For more information: https://www.portlandoregon.gov/revenue/article/757214
3/26/20 - California has extended to match the IRS deadlines. For more information, check here: https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2020-3-state-postpones-tax-deadlines-until-july-15-due-to-the-covid-19-pandemic.html
3/25/20 - Oregon has extended the deadline for filing and payment for personal income tax returns. The article excerpt from KPTV.com --
Oregon is extending state tax filing and payment deadlines to July 15. As a result, an automatic extension of the 2019 tax year filing and payment due dates for certain affected taxpayers are as follows:
- The Oregon return filing due date for tax year 2019 is automatically extended from April 15, 2020 to July 15, 2020.
- The Oregon tax payment deadline for payments due with the 2019 tax year return is automatically extended to July 15, 2020.
- Estimated tax payments for tax year 2020 are not extended.
- The tax year 2019 six-month extension to file, if requested, continues to extend only the filing deadline until October 15, 2020.
- Taxpayers do not need to file any additional forms or call to qualify for this automatic Oregon tax filing and payment extension.
For corporate income/excise taxpayers:
- The Oregon tax payment deadline for payments due with the 2019 return by May 15, 2020 is automatically extended to July 15, 2020. Payments for returns due after May 15, 2020 are not extended at this time.
- Estimated tax payments for tax year 2020 are not extended.
- Taxpayers do not need to file any additional forms or call to qualify for this automatic Oregon tax filing and payment extension.
Interest and penalties:
- Because of the extension of the due dates for filing returns and making payments, any interest and penalties with respect to Oregon tax filings and payments extended by this order begin accruing on July 16, 2020.
- No automatic extension is provided in this order for the payment or deposit of any other type of Oregon tax or for the filing of Oregon information returns.
3/23/20 - Oregon has indicated that they intend to make a decision by 3/25/20 on their filing and payment deadlines.
3/22/20 - While the IRS has extended the deadline for filing and paying income tax for IRS to 7/15/20, we want you to file earlier. We are an essential service, a financial institution, to remain open and ready to serve you. Our office, team and hours are geared up now for the normal 4/15 deadline. In addition, 70% of American’s have a refund – so filing soon will get those dollars into your own pocket! Oregon has not yet followed -- we are still awaiting their decision on the filing and payment deadline!
Our concern is the residue of waiting relating to retirement funding deadlines and 2020 tax planning efforts. They may suffer with your tax situation if you wait until 7/15.
Our office hours will remain the extended tax season hours through 4/15. We have committed to our team to be closed on 4/16 as anticipated. Then, we will re-open on 4/17 with our normal after season hours of Monday to Friday, 9am to 4pm. Let us help you get in front of your current year tax situation now rather than delaying your filing.
Reach out to us to get started on your filing soon if you have not already!
Business Resources
5/25/20 - PPP Loan forgiveness rules may be changing if signed into law by the President. Details found here:
https://www.newsday.com/business/coronavirus/ppp-loan-forgiveness-sba-schumer-1.45311678
5/25/20 - PPP Loan forgiveness accounting can be confusing. Click here for an article to help explain the accounting behind tracking the PPP Loan for forgiveness.
5/19/20 - PPP Loan forgiveness offered by SBA again -- note FTE's appear to be counted at 40 hrs a week instead of the anticipated 30 hours! - https://www.entrepreneur.com/article/350786 and https://www.currentfederaltaxdevelopments.com/blog/2020/5/16/ppp-loan-forgiveness-application-and-instructions-released-by-sba
5/15/20 - PPP Loan forgiveness clarity offered by SBA - click here
5/4/20 - PPP Loan forgiveness questions soar -- here is a source that can help -- https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf
3/27/20 - SBA offers disaster assitance in the form of SBA loans. For more information: https://disasterloan.sba.gov/ela/Information/Index Also, additional Oregon business resources can be found here: https://www.oregon4biz.com/Coronavirus-Information/
3/26/20 - Oregon Senator Merkley has published information on the Senate Relief plan. For more information: https://www.merkley.senate.gov/coronavirus
3/24/20 - Oregon has published a list of resources for business during Covid-19. For more information: https://www.oregon4biz.com/Coronavirus-Information/
Gresham Business Grant
3/30/20 - The City of Gresham announced availability to small business emergency grants for Phase 2. For more information: https://greshamoregon.gov/Small-Business-Grants/
3/22/20 - The City of Gresham announced availability to small business emergency grants for restaurants and food/beverage establishments. For more information: https://greshamoregon.gov/Small-Business-Grants/
Payroll Tax Relief
3/26/20 - Oregon has a workshare program offering relief for reduction in hours by using unemployment as a subsidy for employees. For more information: http://www.oregonworkshare.com
3/22/20 - Federal government announced a refundable payroll credit availble to business with employees affected by the coronavirus. For more information: https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus