YHB is committed to responding as quickly as possible to developments regarding COVID-19 (Coronavirus) and keeping you informed. We will continue to share helpful resources related to tax changes and other key issues as they develop to ensure you are prepared to navigate these unprecedented issues.
Federal & State Changes
Federal Tax Filing Delayed
Treasury Secretary Mnuchin announced the federal income tax filing deadline has been extended to July 15, 2020. For an Affected Taxpayer, there are no additional forms needed to extend filing a federal return.
Federal Tax Payment Delayed
On March 17th it was announced individual taxpayers can receive a deadline extension on paying federal taxes. The IRS later clarified “There is no limitation on the amount of the payment that may be postponed”…
Virginia Tax Update
Governor Northam announced tax changes to assist Virginia residents and businesses in hope of lessening the economic impact caused by COVID-19. Virginia has extended the state income tax payment deadline to June 1.
State Tax Filing Relief
U.S. states are providing tax filing and payment due date relief for individuals and businesses. The AICPA has compiled the latest developments.
Coronavirus Relief Package
President Trump has signed into law the Families First Coronavirus Response Act. Among other things, Employers’ increased costs will be offset by new tax credits.
SBA Guidance & Loan Resources
The U.S. Small Business Administration has released several resources to assist small businesses impacted by the COVID-19 including low-interest disaster loans.
Business Decisions During an Epidemic
YHB’s Emergency Response Team has been working hard for the last several weeks to keep us running smoothly. Here are some tips from a member on how to keep your business moving forward.
Paycheck Protection Program Application
The Department of Treasury has released the Paycheck Protection Program application. Make sure you review all the documents before submitting along with the application.
Enabling Your Remote Team
Rapid change increases risks to any organization so cybersecurity should not be ignored as businesses shift focus from in-office work to remote work. The bad guys rarely let a good crisis go to waste.
Financial Reporting Considerations
The AICPA’s Center for Plain English Accounting released a report addressing financial reporting matters that should be considered in light of the COVID-19 Pandemic. (External Link)
Incidents of COVID-19 fraud are surging and financial losses are piling up. The FTC reports that the number of 2020 COVID-19-related complaints doubled in just one recent week.
Industry Specific Resources
Our team works with community banks all over the region. We have compiled resources to help your financial institute during this time.
Whether your not-for-profit is newly deluged with demand for services or you’ve closed doors temporarily, it’s important to keep up with legislation responding to the COVID-19 crisis.
Committed to Community, Clients & Our Team Members
The safety and well-being of our clients and team members are always the highest priority at YHB. We have taken proactive steps to provide for the continuity of our services and care for our team members during this time. Our thoughts remain with everyone affected by the COVID-19 crisis as we navigate these unprecedented times. YHB is committed to walking alongside you and the communities we serve in the days ahead. It is a privilege to serve you during this time.