COVID-19 Updates & Toolkit
As the outbreak of COVID-19 has escalated and caused unprecedented reactions such as school closings, cancelling professional sports, social distancing and government issued stay-at-home orders – many people understandably have growing concerns for the financial health of their organizations, people and families. Meyers Brothers Kalicka, P.C. has assembled a toolbox of resources to help our clients and community during this unprecedented time. We will continue to keep this page updated as new information and resources become available.
As always, we are here for you. Feel free to call us at (413) 536-8510 or contact your professional directly at any time.
Tax Resources
IRS Tax Relief
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus.
IRS Tax Relief Updates
IRS Tax Day now July 15, 2020
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
For more information about deadlines, payments and details:
IRS Tax Day Now July 15th
Filing and Payment Deadline Q&A
The IRS has set a landing page to address the most frequently asked questions related to Notice 2020-18.
IRS Filing and Payment Deadline FAQs
Massachusetts Filing Deadline
Massachusetts announced that it will extend the 2019 State individual income tax filing and payment deadline from April 15 to July 15 due to the ongoing COVID-19 outbreak
Massachusetts extends State Income Tax Deadline to July 15
Connecticut Filing Deadline Extended to July 15, 2020
The Connecticut Department of Revenue Services (DRS) is using their statutory authority to grant an automatic extension of Connecticut filing deadlines for certain annual tax returns in order to support businesses during the COVID-19 outbreak effectively immediately.
Connecticut Filing Deadline Extended to July 15th
Cares Act Explained
In an effort to stabilize the economy, The House of Representatives passed the $2.2 Trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020.
Download the CARES Act Summary Report by CCH/Walters Kluwer courtesy of CPAmerica
Cares Act Paycheck Protection Loans
3 key features are as follows including Employee Retention Credit, Payroll tax deferral and Paycheck Protection Loan Program (PPLP)
Read more on Paycheck Protection Loans
Massachusetts deadline for Q1 individual estimates, and Trust and Business returns and estimates remains 4/15/2020
Although Massachusetts has extended the filing due date for Form 1/1NR tax returns and related payments from 4/15/2020 to 7/15/2020, the due date for Q1 individual estimates, Form 2 Trust tax returns & estimates and Form 355 Corporate tax returns and estimates remains at 4/15/20.
Learn more about the filing deadlines
Financial Resources
Paycheck Protection Loan Program (PPLP)
Paycheck Protection Loans will be available through June 30 or until the funds run out. The CARES Act permits the PPP’s forgivable loans to pay for up to eight weeks of payroll costs, including benefits and other costs.
Paycheck Protection Program Application via SBA
SBA’s Economic Injury Disaster Loan Program
SBA’s Economic Injury Disaster Loans offers assistance for a small businesses. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
COVID-19 Economic Injury Disaster Loan Application
Families First Coronavirus Response Act
The legislation includes funding for free testing, Paid Sick Leave, Unemployment Aid, and Nutrition Assistance in addition to other relief:
Families First Coronavirus Response Act Summary
BusinessPlanning Resources
Five Tips for Businesses Amid COVID-19
COVID-19 presents an exceptional level of uncertainty, making it difficult to implement any single contingency plan. However, crisis management can be made easier with preparation and by staying current on resources that are available. Below are tips and best-practices for financially surviving this pandemic.
5 Tips for Businesses Amid COVID-19
CDC Planning List for a Pandemic
In the event of a pandemic, businesses will play a key role in protecting employees’ health and safety as well as limiting the negative impact to the economy and society. To assist you in your efforts, the Department of Health and Human Services (HHS) and the Centers for Disease Control and Prevention (CDC) have developed the following checklist for businesses.
CDC Pandemic Planning List
CDC Pandemic Preparedness for US Businesses with Operations Overseas
The United States Government has created the following guide to help U.S. businesses with overseas operations prepare and implement pandemic business continuity.
CDC Pandemic Preparedness for US Businesses with Overseas Operations
CDC Guidance for Businesses and Employees
The CDC is updating the public daily with information as it relates to planning, preparations and response to COVID-19 with information for individuals, businesses and organizations.
CDC Guidance for Businesses and Employees
Resources to Help Your Small Business Survive Coronavirus
The US Chamber shares five resources to help SMB during COVID-19.
Resources from the Chamber to Help Your Small Business
US Chamber of Commerce Coronavirus Response Toolkit
The U.S. Chamber has compiled CDC’s coronavirus recommendations for businesses and workers across the country. They continue to encourage American businesses to follow data-based guidance from the CDC and state and local officials.
US Chamber Coronavirus Response Toolkit
Massachusetts List of Essential Workers
Gov. Charlie Baker issued an emergency order this morning requiring all businesses and organizations that do not provide “COVID-19 essential services” to close their physical workplaces and facilities to workers, customers, and the public from Tuesday, March 24 at noon until Tuesday, April 7 at noon. Read full story:
Massachusetts Stay-at-Home Mandate
List of Essential Workers
Meyers Brothers Kalicka, P.C. Operations Update
Meyers Brothers Kalicka, P.C. continues to monitor the rapidly changing situation as it relates to the Coronavirus (COVID-19) and is taking several precautions related to the health, safety and well-being of our clients and employees; which is of highest importance to us.
We have:
- Encouraged all employees to stay home if feeling sick
- Restricted non-essential travel of our employees to affected areas
- Communicated appropriate hygiene etiquette
- Increased our office cleaning
- Suggested limiting physical contact through handshakes etc.
- Implemented a 6 ft. rule when communicating in the office
- Encouraged all clients to conduct appointments remotely
- Implemented a temporary telecommuting option for our professionals
MBK has invested appropriately in technology and process to make remote-work seamless and efficient for all. If you have any questions, please do not hesitate to reach out directly to your Partner. Please be assured that we have contingency plans in place utilizing remote work that will allow us to provide you with uninterrupted service.
Our thoughts are with all those impacted by the Coronavirus. MBK will remain vigilant to do our part while we collectively navigate this global health challenge.
You have access to send and receive documents via our Client Portal. If you need assistance, please call (413) 533-8510 or email reception@mbkcpa.com
This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.
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