Posted on 03/11/2020 11:55:41 AM PDT by 11th_VA
The Trump administration plans to delay the April 15 tax deadline for most individual taxpayers as well as small businesses as part of an effort to mitigate the effects of the spread of the novel coronavirus, Treasury Secretary Steven Mnuchin said Wednesday.
Mr. Mnuchin said the delay would apply “to virtually all Americans, other than the super rich,” and said officials would likely announce a decision quickly...
(Excerpt) Read more at wsj.com ...
Well if you are one of those fortunate few it will be a gift although I fail to see How the hell moving the tax deadline helps or hurts the stupid virus issue.
IF your company is on limited hours due to virus—or your bookkeeping/accounting staff is reduced by current events, or your CPA cannot do everything last minute, it does help.
Penalties can be fierce—especially for a small business.
I was self-employed s a bookkeeper. Had 19 clients at height of business in So Calif. IF I were still there, I would be VERY careful about going in & out of client locations & would be asking many of them to just drop off work at MY HOME, instead of going into places with many other people. With foot traffic as a business, no one can keep rack of who is coming or going. Single, lived alone, and would have been in a bind if I got sick.
You might have 10-30 employees, but only one or two are working on bookkeeping and prep for financials to CPA.
Most state returns require a copy of the Federal return to be attached.
States will have a big problem with this-—especially California & New York.
Take that, sanctuary states !!!
EVERY self-employed person is a quarterly payer....must deposit at least 90% of your prior year’s taxes owed & pay it in quarterly payments, unless you pay it all in first quarter. Self-Employed also have to pay both halves of FICA & Medicare...15.3 % .
IF you are getting a W-2, you should be eligible for unemployment.
Not on 1099.
Nah, it means they won’t be wrapping up in April and closing down for the next nine months. :^)
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