On Friday, March 27 the Coronavirus Aid, Relief, and Economic Security “CARES” Act was signed into law. The key issues covered in the almost 900-page bill include provisions such as providing liquidity to individuals and businesses, expanding unemployment benefits, and incentives for businesses to retain employees. A few of the provisions are as follows.
On Friday, March 20, the IRS released Notice 2020-18 which supersedes the guidance referenced in our prior communication released on March 19. Under this new guidance, the original filing deadline for all taxpayers has been postponed from April 15 until July 15. The postponement of the deadline is automatic and no forms are necessary to be mailed. Taxpayers who wish to extend the deadline for filing until October 15 will need to file an extension before the new July 15 deadline.
The novel coronavirus (COVID-19) has caused a significant interruption to our country over the last few weeks. On March 18, the US Treasury issued Notice 2020-17 which provides new measures to assist taxpayers with their upcoming April 15 tax payments.
Individual taxpayers can take advantage of educational tax credits on their Pennsylvania Individual Income Tax Returns through the use of a Special Purpose Entity (SPE). A SPE is a pass-through entity specifically set-up to aggregate contributions of donors and contribute the money to the qualified organizations. SPEs are set up by organizations that apply for and receive educational tax credits from the Commonwealth of Pennsylvania.
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