Section 139 of the Internal Revenue Code excludes from a taxpayer’s gross income certain payment to individuals to reimburse or pay for expenses related to a “qualified disaster”. Covid-19 is a federally declared disaster.
BHT&D Certified Public Accountants Blog
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on Friday, March 27th, 2020 and went into effect on April 1st, 2020. This blog post focuses in on the expansion of unemployment benefits for individuals including the self-employed and individuals with limited work history.
A summary of major provisions of the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act affecting individual taxpayers:
The Internal Revenue Service has extended the federal tax return filing date from April 15, 2020 to July 15, 2020.
They have also issued an update on their plan to implement the new paid leave provisions of the Families First Legislation.
The following are other tax related deadlines as of this posting:
To answer questions about paid sick leave and unemployment, we are providing a chart about recent federal and Michigan state updates.
The comprehensive chart answers questions about: