Important Tax and Lease Information
We have some more updates and information regarding tax filing, payments and leases. Also, if you are preparing an SBA Disaster Loan Application and need assistance please let us know as we have been helping several clients with this.
Click here for clarification from the IRS relating to the Federal extended due dates. Here are a couple of key points:
1. If a taxpayer files for an extension by July 15th, 2020, the tax return will be due on October 15th.
2. Estimated Tax Payments that would have been due on April 15th and June 15th will be due July 15th.
Click here for a state-by-state schedule of current tax extensions. Please note that the New York State inclusion does not apply to individual taxes. The notice it mentions relates to Sales Taxes. Therefore, as of this moment NYS individual tax returns and payments are still due on April 15th. We continue to prepare and process returns. If you are expecting a refund, you should file as soon as possible.
Click here for a comprehensive overview by Paul Weiss with very useful information regarding your rights if you have a lease with a commercial landlord.
We continue to stress that you look at business interruption policies if you have them. While you may not be covered under bacterium and virus (most policies exclude them), you may be covered under a Civil Authority clause. The various state governments are also putting pressure on insurance companies to approve claims. There is no guarantee that you will be approved but it’s worthwhile to make a claim.
If you have questions relating to employee issues (The NYT this morning reported that 30% in the NYC area have lost jobs or know someone who has due to Coronavirus) we have access to numerous experts in the field of not only employment law but also health and life insurance. We are happy to pass your questions on to them if we cannot answer them ourselves.
Please know that we are here for you as we all navigate through this very difficult time. Don’t hesitate to email or call us.