News & Tech Tips

Resources & Updates

Kathleen Hargrove on March 26, 2020

We have updated our crisis needs resource list and want to make sure these documents are available to all our clients and friends to utilize. Please review the links below with important resources and outlines of programs that are available for you:

 

 

We will continue to research and gather information and will be sure to send any updated resources out. As always, feel to reach out to us with any questions that you may have.

 

Updates on Whalen Procedures

 

  • First and foremost, we are available to serve you.
  • We are utilizing electronic options, such as a client portal and password protected e-mail, for sending and receiving documents.
  • If you are approved and  plan to be commuting for essential purposes:
    • We have a receptacle for your paperwork if you just wish to do a quick drop off that is located directly inside our front door.
    • If you would like to pick up your return, please call ahead so that we can have it ready for you and ring the bell at the front desk when you arrive and someone will assist you.

We will continue to monitor any updates from the state and CDC and will notify you should any of our procedures change.

 

Thank you again for your understanding and patience as we navigate through these times together.

 

We’re An Essential Business

Kathleen Hargrove on March 22, 2020

On Sunday afternoon, Ohio Gov. Mike DeWine announced a stay-at-home order — or a shelter-in-place order — across the state amid the COVID-19 coronavirus pandemic.

Under this order, only essential businesses are permitted to stay open. It goes into effect at 11:59 p.m. Monday and will remain in effect until April 6, at which point state officials will reassess.

Accounting is considered to be an essential business, so we will continue to remain open and be available to you to serve your needs.

To view the order in full and for a complete list of essential businesses, please click here.

We understand that this is a stressful time right now, and we are committed to helping you in any way that we can.

We will continue to monitor this rapidly changing situation and keep you updated on any changes.

Thank you again for your understanding and patience.

Families First Coronavirus Response Act

Kathleen Hargrove on March 21, 2020

The Senate passed the House Coronavirus Bill (The Families First Coronavirus Response Act) on Wednesday, and it has been signed into law by the President. This is the second package from Congress dealing with the Coronavirus outbreak.
 
Congress and the Administration are now working on a third phase to further stem the impact of the outbreak on families and the economy which would include stimulus checks.
This bill responds to the coronavirus outbreak by providing paid sick leave and free coronavirus testing, expanding food assistance and unemployment benefits, and requiring employers to provide additional protections for health care workers.
It also provides FY2020 appropriations to the Department of Health and Human Services for nutrition programs that assist the elderly.
The supplemental appropriations provided by the bill are designated as emergency spending, which is exempt from discretionary spending limits.
The bill modifies USDA food assistance and nutrition programs to:
  • Allow certain waivers to requirements for the school meal programs
  • Suspend the work requirements for the Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program)
  • Allow states to request waivers to provide certain emergency SNAP benefits
In addition, the bill requires the Occupational Safety and Health Administration to issue an emergency temporary standard that requires certain employers to develop and implement a comprehensive infectious disease exposure control plan to protect health care workers.
The bill also includes provisions that:
  • Establish a federal emergency paid leave benefits program to provide payments to employees taking unpaid leave due to the coronavirus outbreak
  • Expand unemployment benefits and provide grants to states for processing and paying claims
  • Require employers to provide paid sick leave to employees
  • Establish requirements for providing coronavirus diagnostic testing at no cost to consumers
  • Treat personal respiratory protective devices as covered countermeasures that are eligible for certain liability protections
  • Temporarily increase the Medicaid federal medical assistance percentage (FMAP)

We are continuing to monitor these rapidly changing situations, and will keep you updated on any developments.

As always, if you have any questions about how these announcements may affect you or your business, please contact your Whalen Advisor.  We are always ready and available for you during this unprecedented time.

Tax Deadline Extended

Kathleen Hargrove on March 21, 2020

Treasury Secretary Steven Mnuchin announced Friday that President Trump has directed him to move Tax Day to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus pandemic.

 

All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.

In addition, the IRS released IR-2020-58 on Saturday which has additional updates regarding this extended due date and the payment of federal income tax returns. Highlights from the notice include:

  • Due date will automatically extend from 4/15 to 7/15  – no extension forms are needed.
  • Payment, regardless of the amount, can also be deferred until 7/15, without penalties and interest.  There is no longer a $1 million or $10 million limit. This applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
  • The period beginning on 4/15/20 and ending on 7/15/20 will be disregarded in the calculation of any penalty, interest or addition of tax for failure to file the federal income tax returns or pay the federal income tax postponed by the Notice.
  • Individuals who need an additional extension beyond 7/15 will need to file the proper extension form and pay the tax by 7/15.
  • Currently, this extension is only for those taxes due 4/15.  This means the second quarter estimates due 6/15 will still be be due by that date.
The IRS still urges those individuals who have refunds to file as soon as possible and to file electronically.  The IRS is continuing to accept tax returns and send refunds.
Please note that this extended due date is for federal returns only. Ohio and it’s municipalities have yet to announce extensions yet, but we will continue to keep an eye on this and notify you should this change. 

IRS Announces Tax Relief for Tennessee Victims

Kathleen Hargrove on March 10, 2020

Victims of the severe storms, tornadoes, and flooding last week in Tennessee may qualify for tax relief from the IRS.
Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS has announced that affected taxpayers in certain areas will receive tax relief.
Individuals and households who reside or have a business in Davidson, Putnam and Wilson counties may qualify for tax relief.
The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after March 3, 2020, and before July 15, 2020, are granted additional time to file through July 15, 2020.
The July 15, 2020 relief applies to the individual income tax returns due on April 15, 2020 and quarterly estimated income tax payments due on April 15, 2020, and June 15, 2020,and to quarterly payroll and excise tax returns normally due on April 30, 2020. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2019 return due on May 15, 2020. Among other things, affected taxpayers will also have until July 15, 2020 to make their 2019 IRA contributions. In addition, penalties on payroll and excise tax deposits due on or after March 3, 2020 and before March 18, 2020, will be abated as long as the tax deposits were made by March 18, 2020.
If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.
The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief, but affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.
As always, if you have any questions about how this announcement may effect you or your business, please contact your Whalen Advisor. 
 
SOURCE:

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Worthington, OH 43085-2215
(614) 396-4200

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