The coronavirus is rapidly affecting small business and individuals. In order to help, governments are starting to provide relief for taxpayers. It's hard to keep up with everything that is happening, so we will try to update this page with ongoing information. The IRS has set up a dedicated webpage to track federal updates.

Federal

IRS Website on latest updates on Coronavirus:
https://www.irs.gov/coronavirus

March 31, 2020
IRS issues guidance on Employee Retention Credit
https://www.irs.gov/newsroom/irs-employee-retention-credit-available-for-many-businesses-financially-impacted-by-covid-19

March 31, 2020
IRS issues clarification on Economic Impact Payments
https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

March 27, 2020
CARE act passes. Here's a great, simple illustration on SBA loans for small businesses:
https://www.faire.com/cares-act

March 27, 2020
DOL of Labor Issues guidance on Families First Coronavirus Response Act
https://www.dol.gov/agencies/whd/pandemic/ffcra-questions

March 26, 2020
IRS delays gift tax returns to 7/15
https://www.irs.gov/pub/irs-drop/n-20-20.pdf

March 24, 2020IRS provides guidance on 7/15 deadline - confirms IRAs and HSAs due 7/15https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

March 19th, 2020
Notice 2020-18
All federal returns due 4/15/2020 are now extended to 7/15/2020
https://www.irs.gov/pub/irs-drop/n-20-18.pdf

March 18th, 2020

Congress passes Coronavirus relief bill. Provides payroll tax credits for employers providing sick and medical leave
https://www.journalofaccountancy.com/news/2020/mar/coronavirus-relief-bill-tax-credits-for-employers-23225.htm

March 17th, 2020
Notice 2020-17
Federal payments normally due 4/15/2020 are extended to 7/15/2020
No extension of time to file, only payment
https://www.irs.gov/pub/irs-drop/n-20-17.pdf

North Carolina

NC DES Hub:
https://des.nc.gov/need-help/covid-19-information

South Carolina

SC DEW Hub:
https://dew.sc.gov/covid-hub

March 18th, 2020
FAQ about Unemployment

QUESTION 1:WILL WORKERS QUALIFY FOR UNEMPLOYMENT BENEFITS IF THE CORONAVIRUS (COVID-19) CAUSES AN EMPLOYER TO SHUT DOWN OPERATIONS?

ANSWER 1 - YES:Unemployment benefits are available to individuals who are unemployed through no fault of their own.If an employer must shut down operations and no work is available, individuals may be eligible for unemployment benefits.

QUESTION 2:IF AN EMPLOYER LAYS OFF EMPLOYEES DUETO THE LOSS OF PRODUCTION CAUSED BYTHE CORONAVIRUS (COVID-19), WILL THE EMPLOYEES BE ELIGIBLE FOR UNEMPLOYMENT INSURANCE BENEFITS?

ANSWER 2 - YES:Unemployment benefits are available to any individual who is unemployed through no fault of their own. If an employer must lay off employees due to the loss of production caused by the coronavirus, individuals may be eligible for unemployment benefits.

QUESTION 3:IF AN EMPLOYER HAS TO REDUCE THEIR EMPLOYEES’ HOURS BECAUSE OF COVID-19,WILL THE EMPLOYEES QUALIFY FOR UNEMPLOYMENT BENEFITS?

ANSWER 3 - YES:Unemployment benefits are available to any individual who is unemployed through no fault of his/her own. If an employer reduces the number of hours an employee works, individuals may be eligible for unemployment benefits.

QUESTION 4:IF AN EMPLOYEE IS RECEIVING PAID LEAVE WILL THEY BE ELIGIBLE FOR UNEMPLOYMENT BENEFITS?

ANSWER 4 - NO:If an employee is receiving paid leave they would not be considered unemployed and therefore ineligible for unemployment benefits.

QUESTION 5:IF AN EMPLOYEE RECEIVES UNEMPLOYMENT BENEFITS AS A RESULT OF A COVID-19RELATED BUSINESS SHUTDOWN, WILL THE EMPLOYER BE CHARGED?

ANSWER 5 - NO:South Carolina law allows for the removal of charges from contributory employers when unemployment benefits are paid as a result of a natural disaster, either declared by the President of the United States or the declaration of emergency by the Governor.

March 17th, 2020
SCDOR offers more time to file returns and pay taxes due 

The South Carolina Department of Revenue (SCDOR) is offering more time to file returns and pay taxes due April 1, 2020 – June 1, 2020 to assist taxpayers during the COVID-19 outbreak.

Tax returns and payments due April 1 – June 1 will now be due June 1, 2020. Penalty and interest will not be charged if payment is made by June 1. This includes South Carolina Individual Income Taxes, Corporate Income Taxes, Sales and Use Tax, Admissions Tax, and other taxes filed and paid with the SCDOR. The SCDOR is automatically applying this tax relief for all applicable returns and payments; taxpayers don't need to take any additional action.

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