The knowledge you need

On March 27, President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act, a comprehensive economic stimulus bill that provides almost $2 trillion in assistance to businesses, individuals and organizations.

When a Georgia employer reduces employee hours because of a COVID-19 issue, they are required to file a partial unemployment claim with the Georgia Department of Labor (GDOL).

The news last week of an extended IRS filing and payment deadline from April 15th to July 15th was welcome news for many struggling to cope with COVID-19. The extension granted businesses and individuals with additional time to review their tax situation and determine how they will make required income tax payments.

It’s obvious there are many businesses which currently, or soon will need help with payroll, leases and employee expenses. Matters have been made worse because many don’t know where to turn for help. The good news is companies absorbing COVID-19 losses can now apply for an SBA Economic Injury Disaster Loan (EIDL) to help.

The federal government’s comprehensive response to the Coronavirus (COVID-19) pandemic addresses not only efforts to contain the virus, but several business changes designed to protect employees and help companies impacted by this traumatic economic event.

As the challenges of COVID-19 continue to impact individuals and businesses, there has been concern about how many will comply with the upcoming tax filing deadline. Earlier this week, it was announced that taxpayers received a 90-day extension to pay any taxes owed to the federal government, but the filing deadline of April 15th remained.

The speed at which the federal government is making changes to how businesses are permitted to operate in light of the Coronavirus pandemic has been lightning fast. These changes touch virtually every aspect of business from offering special disaster loans, unemployment benefits, sick leave policies to tax payment deadline extensions

The impact of the Coronavirus (COVID-19) prevention and containment measures can be seen across the Atlanta area. The closure of area public schools, cancellation of various conferences, limited access to restaurants and the restriction on gathering sizes speak to the seriousness of prevention efforts.

Many Atlanta business owners set time aside at the end of 2019 to review strategy, refine goals and identify tactics needed to reach success. Focus is typically centered on ways to expand market presence, drive sales and increase profitability. However, it’s highly unlikely any discussion was had about managing through a global pandemic.

Many Atlanta businesses pay close attention to tax planning at year-end. There are often easy steps that can be taken to immediately reduce federal and state income taxes. While effective, it’s important to review opportunities throughout the year to identify tax deduction and incentives which can be leveraged based on current or future plans. Atlanta businesses may be surprised to learn there are a number of tax incentives available from the state of Georgia for certain business activities.