Newsletters
SBA Loan Resources
Posted March 30, 2020
SBA Loan Resources for Small Business during COVID-19
The Small Business Administration (SBA) understands that every industry, business, nonprofit and state is facing a financial impact, but small businesses are bearing the brunt of the disruption. There are two types of SBA loans during COVID-19:
2019 IRA, HSA, and Archer MSA Contributions
Posted March 25, 2020
The IRS Questions and Answers posted yesterday state that relief has been provided to allow more time to contribute money to your IRA, HSA, or MSA for 2019.
Families First Coronavirus Response Act
Posted March 23, 2020
An emergency bill was signed into law on Wednesday, March 18th, and will go into effect on April 1, 2020. This law covers paid sick leave and expanded FMLA related to COVID-19 for companies under 500 employees.
Tax Day has been moved to July 15th
Posted March 23, 2020
In response to the COVID-19 pandemic, the IRS has issued Notice 2020-18 to provide relief from tax deadlines. The due date for filing Federal income tax returns has been postponed automatically from April 15, 2020 to July 15, 2020. Extension forms are NOT required. This applies to individual (Form 1040), fiduciary/trust (Form 1041), gift tax (Form 709), corporate (Form 1120), and retirement plan trust and IRA (Form 990-T) returns.
Tax Filing Reminders – March 2020
Originally April 15th – These due dates have now been moved to July 15, 2020
May 15th
June 15th
UPDATE – 2019 Gift Tax Return Due July 15
Posted March 19, 2020
As of March 27, 2020, the IRS is allowing individuals three more months to report taxable gifts, adding to the growing list of tax relief measures the agency has already provided to address the COVID-19 pandemic. Any person owing federal gift tax or generation-skipping transfer tax on April 15 will now have until July 15 to make that payment, free of interest or penalties. The due date for filing Form 709 to report gifts has also been pushed back.
Getting Connected
Posted March 9, 2020
Remote options for communicating and transferring files are more important than ever these days. Stanfield + O’Dell wants our clients to be aware of the options available, to ensure you receive the service that you expect without having to leave the comfort of your home.