Month: March 2020

HHS and SBA will be vitally important in combating COVID-19

Record $2 trillion COVID-19 stimulus bill reached early this morning

“Hindsight is always 20/20”, the proverbial expression that may never be more used than when we assess and scrutinize the decision-making of our leaders 20 years from now. Well, we at TaxPM™ are optimists, and so being we would like to inject our proverbial phrase amid the crisis that is COVID-19, “When the going gets tough, the tough get going!”

Gov. Cuomo of New York said yesterday, “There’s a smarter approach to this…We can develop a more defined public health strategy that is also an economic strategy.”  Unfortunately, we currently live in such a politically divided country, evidenced by the bickering and high-tension on Capitol Hill over the past few days, that many are making this an “either-or scenario.” Notwithstanding, we agree with the Governor that there needs to be a way to save the economy without putting the public at undue risk.

Enter the two most important federal agencies to rescue humanity and our privileged way of life, the U.S. Department of Health and Human Services (HHS) and the U.S. Small Business Administration (SBA).  It would be epically irresponsible of us to put one in front of the other. As one of America’s most valuable human assets and heroes, Bill Gates (he and wife Melinda get my vote for “Couple of The Century”), put it in an interview with TED yesterday, “The economic effect of this is really dramatic…But bringing the economy back…that’s more of a reversible thing than bringing people back to life.” Unsurprisingly, the world’s most philanthropic couple through their foundation, have thus far donated $100 million to fund testing and science in response to the pandemic.

Mainstreet is suffering, both physically and financially. While Americans and all the people of the world are facing potentially the greatest threat to our existence, citizens and small businesses are fighting to stave off insolvency in what could be the greatest financial crisis in our nation’s history. There is no doubt that COVID-19 will forever imprint itself on humanity and affect how we live and do business from here forward. If your business has been impacted by the disastrous effects of COVID-19, your company may qualify for assistance via a low-interest federal disaster loan funded by the U.S. Small Business Administration (SBA).  The loans can be used to meet payroll, pay fixed debts, accounts payable and other bills that can’t be paid because of the disaster’s impact. We are here to help, contact the professionals at TaxPM™ today!

Godspeed America

2020 Income Tax Return Deadlines & Tax Due Dates

If You Owe Taxes

If you owe taxes for 2020 or multiple previous tax years and you have not filed nor paid the taxes due, you will most likely be subject to late filing and late payment penalties. Here are some recommended actions to take:

    • Download the respective Tax Forms for the Tax Year in Question.
    • Use the IRS Tax Withholding Estimator.
    • Complete the required Income Tax Forms and Mail Them to the IRS.
    • Even if you can’t pay your taxes, follow the steps above and pay as much as you can afford. This will at least stop the late filing penalties, which in many times are higher than the late payment penalties.