Special COVID-19 Information

This is a quick message to clarify new tax information surrounding COVID-19.

We will update this page as new information becomes available.

Tax Deadlines

The IRS and Maryland have extended the due dates to pay and file your 2019 taxes.

• 2019      Tax Returns and Payment due with your 2019 tax return – Fed and Maryland have extended the due dates to file and pay your 2019 taxes to 7/15 from 4/15.  You have an automatic extension to file until 7/15 – an extension request is not necessary.
• Federal 2020 first quarter estimates – due 7/15/20
• Maryland 2020 first quarter estimates– no guidance currently, therefore I recommend you plan to pay by 4/15/20
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There has been no guidance on the IRS and Maryland 2020 second quarter estimates, due 6/15/20. We will let you know as we learn more.

We are working hard in our office to continue to process and file returns. Filing now does not impact the 7/15 deadline to pay.  It is in your benefit to have your returns prepared and filed now so you can receive any refunds due and also to know your tax situation so you can plan accordingly for the 7/15 payment deadline. If I have your tax information, I will be in touch soon with the results of your tax return. If you still need to send in your tax documents, please load all tax documents to our portal, or contact me directly to coordinate.

If you file in another state other than MD, please contact me to clarify due dates etc. 

Family First Coronavirus Act 

For our small business clients with employees, please read the attached summary (only included in the original email blast) from the DOL. It is a very good explanation of this new payroll law specifically related to COVID-19 that will go into effect 4/2/20 and ends 12/31/20.  Please let me know if you have any questions.

Small Business Loan

Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). Loans have a 3.75% rate and payment terms up to 30 years.  You can apply online at https://disasterloan.sba.gov/ela/.

Maryland Grant

Maryland has a COVID-19 Emergency Relief Grant Fund to assist small businesses with disrupted operations due to COVID-19.  You can obtain additional information and apply on line at 

https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-grant-fund 

As you are aware, things are changing rapidly and we are doing our best to keep up with the information and communicate with you. Please let me know if you have any questions.