3/24/20: Coronavirus Business Updates
March 24, 2020
Here’s a recap of everything we’ve posted and shared in the past 24 hours. New developments are coming in rapidly, so be sure to check njcpa.org/coronavirus for the latest news and guidance.
Federal Tax Update
The IRS has published FAQs about filing and payment deadlines. Here are just a few highlights:
- If taxpayers cannot file by July 15, an extension can be filed by July 15 and the return will be due Oct. 15.
- First quarter estimated payments have been extended to July 15; second quarter estimated payments remain due June 15.
- The deadline for 2019 IRA, HSA and retirement plan contributions has been extended to July 15.
New Jersey Tax Update
A bill has been passed by the New Jersey Legislature that would extend the state’s tax filing deadline to June 30. The bill awaits Governor Murphy’s signature. The NJCPA is advocating for him to conditionally veto the bill to change that deadline to July 15. We will provide updates as soon as we get them.
- New Jersey Treasury Freezes Nearly $1B in Spending as Fiscal Uncertainty Over COVID-19 Mounts
- Pennsylvania Extends Tax Filing Deadline to July 15
- PCAOB Provides Audit Firms with Opportunity for Relief from Inspections
- SBA Implements Automatic Deferment on Existing Disaster Loans
- How to Determine if Your Business Can Stay Open Under New Jersey’s Stay-at-Home Order