Member News

GillonTax: 10 Things to Know about Corporate Tax Issues Relating to COVID-19

Please see below an update to the corporate tax issues for European businesses in response to COVID-19.

1. Federal – Calendar 2019 Tax Filings Originally Due April 15 Can Now be Filed by July 15
2. 2019 Payment Deadline for 2019 Extended to July 15
3. 1st Quarter Payments Due April 15 Pushed to July 15
4. 2nd Quarter Payments Due June 15th have NOT been Extended
5. New York State and City Follow Federal Deadlines
6. Other States Have Made Similar Accommodations
7. Section 165(i) allows Casualty Loss Deduction for Worthless Securities, closure of store and facility locations, and abandonment of pending business deals, and disposal of inventory and other unsaleable property
8. Quick Refunds May be Available for 2019 Casualty Losses
9. Small Business Loans Available to Assist Companies
10. 401(k) Plan Hardship Withdrawals May be available for Disaster Victims

AUTHOR:
Elizabeth Gillon, Managing Member | egillon[at]gillontax.com | 201 248 4918

Compliments of Gillon Tax Advisors – a member of the EACCNY.