Pandemic Related Employer Resources

Below is a list of links that employers will find helpful to deal with the current public health crisis:

Recent federal relief legislation:

Families First Coronavirus Response Act (FFCRA) – effective April 1, 2020 – requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. DOL guidance, IRS guidance.

Coronavirus Aid, Relief and Economic Security Act (CARES Act) – includes:

General resources:

Ohio Chamber of Commerce – Coronavirus Business Resources

NFIB Ohio Employer Resources

Financing resources:

SBA Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19)

Unemployment insurance resources (layoffs or furloughs)

Ohio Dept. of Job and Family Services Q&A on Unemployment Benefits

Employee benefits continuation (health insurance):

Bulletin 2020-03 – Health Insurance Flexibility for Ohio Employees

Ohio Bureau of Workers’ Compensation:

Coronavirus (COVID-19) Frequently Asked Questions

Business Continuity Planning

AICPA post “Five Steps for Business Continuity Amid COVID-19”

Employer preparedness and hygiene guidance:

Ohio Department of Health FAQ

Ohio Dept. of Health COVID-19 Checklist for Business/Employers

OSHA Guidance on Preparing Workplaces for COVID-19

Ohio Department of Health Guidance for Employers and Businesses

CARES Act Update

The CARES Act was signed by the President on March 27, 2020.

This legislation provides broad relief to the country in response to the COVID-19 pandemic and includes numerous individual and business relief provisions.
More information on the key provisions of the Act are here:

Individual Relief
Economic Impact Payments
IRS News Release regarding economic impact payments.
This release explains eligibility and income requirements, as well as the phase out ranges and provisions for dependents.
The income amounts in the Act refer to Adjusted Gross Income.
Your adjusted gross income can be found on your 2019 Form 1040, Line 8b, or your 2018 Form 1040, Line 7.
An online rebate calculator can be found here.

No 10% additional tax for coronavirus-related retirement plan distributions and RMD waiver

$300 above-the-line charitable deduction to incentivize charitable giving

Business Relief

Employee retention credit for employers

Delay of payment of employer payroll taxes

Forgivable Business Continuity Loans

This post will be updated as more information becomes available.

Treasury Secretary Mnuchin Extends Federal Income Tax Filing Deadline – Ohio Also Extended

At the urging of the President and the professional community, Treasury Secretary Mnuchin has announced via Twitter that the 2019 federal tax filing deadline will be moved to July 15, 2020 to align with the recently announced revised payment deadline. WSJ article and announcement link can be read here. Official notice is posted here.

The IRS posted a series of FAQ’s regarding this measure here. The FAQ’s address the affect of this provision on IRA contributions, tax payments due under installment agreements, exactly which form types it applies to, and estimated taxes among other items.

On March 27, 2020, Ohio Tax Commissioner Jeff McClain announced the extension of time to file and pay Ohio income tax, Ohio school district tax, and Ohio pass-through entity tax until July 15, 2020 to conform to the federal due dates. The announcement can be read here.
Most Ohio cities base their due dates on the Ohio deadline, therefore most Ohio cities are automatically extending their due dates as well.

To check due dates for states other than Ohio, the AICPA has provided a state-by-state relief guide here.

Stay At Home Order Update

The Director of the Ohio Dept. of Health has issued a Stay At Home Order effective 11:59 pm on Monday March 23, 2020, closing non-essential businesses through April 6, 2020. The Order can be read here.

Essential businesses and work-from-home businesses are allowed to remain open and operating. Essential businesses are defined in Section 12 beginning on page 5 of the Order.

Anderson Tax & Consulting will continue to operate while the Order is in effect.

Tax Credits for Employers in Relief Bill

The Families First Coronavirus Response Act, signed Wednesday night, includes many tax credit provisions for employers to help them deal with recent events.

Credits include:

  • Payroll tax credit for required paid family leave
  • Payroll tax credit for required paid sick leave

Each of these credits have provisions for self-employed individuals in addition to employers.

The initial release from the U.S. Treasury, DOL and IRS can be read here, and includes examples of the calculations.
Further guidance will be released next week.

The IRS urges businesses and taxpayers to use their Coronavirus Tax Relief page to keep updated on federal tax relief related announcements.

Precautions to Protect Clients and Staff

We are all experiencing an unprecedented crisis.
In an effort to minimize the spread of the Coronavirus among clients, our team and all of our families, Anderson Tax & Consulting will suspend face-to-face meetings effective March 20, 2020.
We will, of course, replace face-to-face meetings with phone calls or other means of discussing the matters important to you.

While the office will be staffed, we respectfully request that documents be supplied either by mail or electronically if possible to avoid additional risk.
We also encourage clients to receive documents by mail or electronically while the current circumstances exist.
The U.S. Treasury’s recent extension of the payment deadline provides additional time for this year’s tax return preparation, making this precaution easier on all of us.

These precautions will be reevaluated weekly and updates posted accordingly.

We wish everyone and their families good health and look forward to business-as-usual after the crisis passes.