Newsletter: Jefferson County and IRS updates

To our Valued MHA Clients and Friends:

 

I want to wish everyone well. This week brings new challenges, but it also brings new hope and optimism for the future. I hope you are all staying healthy, keeping your minds busy, and not spending too much time on the internet!

 

As you may know, Jefferson County Public Health Order 20-002 was just issued along with Orders from other local counties. The Jefferson County Order requires all individuals in Jefferson County to Stay at Home. This Order goes into effect tomorrow at 8 am and runs through the 17th of April at 5 pm. Here is a link for any who want to read the details:

 

 

This order exempts many businesses, including accounting firms, so we will continue to work and be here to keep you updated and informed. Our three departments are all operating and staying focused to best help our small business clients make payroll and accounting decisions; to ensure timely processing of our audit client financial statements to have them available if they are needed for loans or grants; and to prepare individual and corporate tax returns to get refunds processed for as many of you as possible.

 

If your business is deemed essential and/or if you have questions on how this Order needs to be observed, please consider contacting your attorney so that you can be assured of the proper language to use in your employee letters. We do work with employment attorneys as well if you need a referral.

 

We understand this Order is going to place an additional burden on the local internet and remote systems that many businesses have in place. If you are struggling with IT services and need a referral, please let us know. We work with an amazing team at Tech Inc who has been phenomenal through this crisis.

 

We continue to hear from many of you about the SBA loan options, potential tax credits, essential business definitions and tax refunds. I love the calls and opportunities to talk to you on the phone so please keep us informed and don’t hesitate to reach out.

 

Last week we talked a little about items in the Coronavirus Relief Bill that was signed into law last Wednesday. This Bill addressed Coronavirus-related tax changes that will affect many of us, primarily associated with employers who are paying employees who have tested positive or who are home with kids. Let us know if this applies to you!

 

As of this morning, the Senate committee had reached an agreement on the CARES Act which puts it one step closer to the POTUS desk for signature, however, it still has far to go. This Act, called the Phase 3 Bill, is not in place as of the writing of this email but we have seen some preliminary draft details online. It talks about payments to low and middle income taxpayers based on 2018 tax forms, it talks about possible tax credits and it talks about changing the rules for minimum distributions and NOL carrybacks. It really touches on many aspects of the tax code which is why we are watching it very closely.

 

Also in today’s news was an announcement from the IRS. They announced the People First Initiative which includes a sweeping series of steps to assist taxpayers. These steps include issues ranging from delaying installment plan payments to removing enforcement officers from the streets. They do not include any adjustments to the Statute of Limitations or the Appeals process so be aware if you are dealing with an ongoing issue with the IRS that the time continues to move forward. Here is a link to the IRS release issued today.

 

 

I understand that the Colorado unemployment system has been relieved a bit after the announcement to apply on days based on your last name which is good news. I hope that it is moving forward.

 

Please continue to reach out with questions. I am happy to talk through some of the issues that we are facing as we move forward and through this crisis.