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From our Friends at Davis and Hodgdon CPAs. COVID-19 Resources for Your Business and Tax Questions

Mar 30, 2020 11:27AM ● By John Gales

From our Friends at Davis & Hodgdon CPAs

COVID-19 Resources for Your Business and Tax Questions

The COVID-19 pandemic has caused serious anxiety and resulted in many challenges for Vermonters.

There is a plethora of information and new resources that are becoming available every day. With all of this noise, it can be so hard for us to know what to focus on. In an effort to assist you and connect you with the general tax and business-related information that is most relevant to you, we are gathering the latest articles along with curated lists of resources.

The CARES Act

Tax aspects of the CARES Act:

The CARES Act: Healthcare, Benefits, Retirement, Business Provisions:

Income Tax Issues 

The deadlines for federal and Vermont tax filing have been moved to July 15 and this has an impact on several other tax-related issues including quarterly estimate payments as well as IRA and HSA contributions. See the links below for more information.

IRS Coronavirus Tax Relief:

Federal and State Due Dates and Payment Dates

Change a Scheduled Payment to New July Due Date:

Vermont Dept. of Taxes Coronavirus Updates

SBA Disaster Assistance Loans

The SBA Disaster Assistance Program for COVID-19 will be an Economic Injury Loan. The Loan program provides small businesses of any size with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Families First Coronavirus Response Act (FFCRA)

The FFCRA provides several responses to address the ongoing coronavirus pandemic including leave for employees affected by coronavirus through the Emergency Family and Medical Leave Expansion Act (EFMLA) and the Emergency Paid Sick Leave Act (EPSLA). The FFCRA also provides refundable tax credits for employers providing the required paid family and sick leave to employees in connection with this public health emergency.

General Guidelines

Employer Cheat Sheet for the Leave Requirements

Reimbursement for Businesses

Should my business consider layoffs before the new law comes into effect?

FFCRA poster for employers:

General Business Issues

Unemployment Benefits Eligibility FAQs:

Guidance for Vermonters Who Owe Meals and Rooms Tax or Sales and Use Tax

Small Business COVID-19 Response Checklist

Stay Home/Stay Safe FAQ for Business Owners

COVID-19 Small Business Resource Hub

COVID-19 Guidance for Vermont Businesses (Vermont Agency of Commerce and Community Development)

Other links

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