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HLA’s Response to COVID-19 (Coronavirus)

March 16, 2020

To our valued clients and friends,

Please rest assured that we are monitoring the situation closely and taking all necessary steps  to provide a safe environment for our clients, our staff and their families. 

Our technology ensures secure communication and document transfer, so remote access is readily available for clients and staff who wish to use it. Please use our secure portal Liscio (https://hlcpa.liscio.me/) in order to send or receive any documentation. If you need Liscio assistance, please call our office and ask to speak to Anna.  You may also mail your documents to our office if you wish.

If you have a scheduled meeting with one of our team members, you can keep it, change it to a phone call or reschedule it.

Below, we have new information for individuals and businesses about tax filing extensions, job protections and small business relief loans.

We are here to support you and your needs, as we are strongly positioned to navigate a difficult situation such as this one. Please reach out to us if you have any questions or concerns.

For individuals:

  • As of now, there has been no further action on the extension of the April 15th filing deadline that President Trump has proposed “for certain individuals and businesses negatively impacted”.  There has also been no further clarification as to whom this would apply.

  • The IRS announced last week that HSA eligible high-deductible health plans can cover Coronavirus related testing and treatment before satisfying the applicable minimum deductible that normally applies to an HDHP (generally, an HDHP may not provide benefits for any year until the minimum deductible for that year is satisfied).

  • As part of the Families First Coronavirus Response Act that the House has recently passed, government employees and employees of small businesses (in this case, employers with fewer than 500 employees) who have been on the job for at least 30 days would have the right to take job-protected leave which can be used for quarantine due to exposure to or symptoms of coronavirus; to care for an at-risk family member quarantined due to exposure to or symptoms of coronavirus; and to care for a child of an employee if the child’s school or child care has been closed or is unavailable due to coronavirus.  The Senate has not yet voted on the bill.

  • We know there is concern with the stock market and how this impacts your future retirement and recommend that you talk to your own personal financial planner for guidance.

For businesses:

  • The State of Maryland has extended business-related tax filing deadlines to June 1, 2020, for any business returns with due dates during the months of March, April, and May 2020. This includes filings for sales and use tax, withholding tax, admissions and amusement tax, excise taxes (for alcohol, tobacco, and motor fuel), tire recycling and bay restoration. Business taxpayers who file and pay by the extended due date will receive a waiver of interest and penalties.

  • For small businesses negatively impacted by the Coronavirus, the SBA will offer low-interest working capital loans of up to $2 million. Please visit this site for more information: https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19

  • Also as part of the Families First Coronavirus Response Act that the House has recently passed, the bill would provide for a refundable tax credit equal to 100% of qualified paid sick or family leave wages paid by an employer for each calendar quarter. The full credit would apply to amounts paid to employees who are sick or quarantined while a lesser credit would apply to amounts paid to employees caring for a family member or for a child whose school or place of care has closed. The Senate has not yet voted on the bill.

There are many other provisions of the Families First Coronavirus Response Act that may apply to you, your family or your business, so we encourage you to do your own research and to contact us if you have any questions. 

The news cycle on this is moving rapidly and constantly changing and we will do our best to continue to update you on anything that we feel will impact you.

Thank you very much for your time and support.

Sincerely,

Carl Hildebrand, CPA, Partner

Hildebrand, Limparis & Associates, CPA, PC

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