Important Coronavirus (COVID-19) Information April 2, 2020
As the world confronts the impact of the Coronavirus emergency, our thoughts are with all those who are a part of our extended family. While it will be a long time until we know the full toll which COVID-19 will take on our health, our businesses, and our lifestyles, it is critical we take care of each other now to ensure the health and safety of our families, friends, colleagues, and communities.
This is just the beginning of our comprehensive coverage of the financial impacts of COVID-19 on our lives. We are proactively analyzing the many fiscal tax policies, tax credits and business emergency financing options available to you. We are sharing this vital information via our email newsletter and social media channels.
We want to make you aware that this past Sunday, March 29, the NY State Commissioner has extended the April 15, 2020 due date to July 15, 2020. This applies to New York State personal income tax and corporation tax returns originally due on April 15, 2020. In addition, the Commissioner is allowing taxpayers to defer all related tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. If you would like more New York State information on COVID-19 and the changes being made, please visit their website: NYS response to COVID-19
We have many resources to help small businesses get through these times. Please refer to the information below for directions on where to start.
The CARES Act or the "Coronavirus Aid, Relief, and Economic Security" Act, was passed to provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic. The Paycheck Protection Program was created through the CARES Act designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The PPP will be available through June 30, 2020.
The basic premise is that you can obtain a low-interest loan in an amount up to 2.5x your monthly payroll costs (not to exceed $10m) as long as you have under 500 employees. The loan can be forgiven based on an 8 week spending period, for amounts spent on payroll, rent, and mortgage payments. Unused funds and funds not used for payroll, rent, mortgage interest or utilities will be termed out by the SBA at an interest rate of 0.50%.
We are recommending all qualifying business clients pursue the Paycheck Protection Program as soon as possible. We anticipate banks and lending institutions will be accepting applications by the end of the week. It is very important that you get this application in as soon as possible since there will be a high volume being applied for at once. We also recommend maintaining contact with your lender prior to applying so they are aware of your intent.
Please call us if you think this applies to you. We are here to be a resource for you so please utilize our service.
Economic Impact Payments Will I receive money?
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.
New York State Updates
NYS Eviction Moratorium - a 90 day halt on evictions due to coronavirus. What are your rights?
NYS Individual and Commercial Rent Moratorium - April rent is due and many have been impacted by the pandemic. How will this affect you?
NYS Mortgage Payment Deferment - a list of banks offering assistance such as deferment of mortgage payments for 90 or more days.
NYS Broome County COVID Response - where you can donate funds towards the relief to benefit our Binghamton Community.
Davidson Fox is a professional CPA and consulting firm that provides financial and management services to businesses and organizations in the Greater Binghamton market. Expertise, experience, and innovation are at the heart of our business. Our primary objective is to provide each client we serve with exceptional service, exhaustive review, and the confidence of knowing that meeting and exceeding their goals is ingrained in the DNA of everything we do.
At Davidson Fox we work closely with clients on issues as varied as accounting and financial analysis services, auditing, tax services, operational and management consulting, mergers and acquisition, and more. The success of Davidson Fox is directly attributed to an unyielding commitment to excellence in every aspect of the work performed on behalf of our clients.
We offer all levels of financial statement attestation services for private and non-profit companies, including audits, reviews and compilations.
Proactive strategic planning throughout the year to minimize annual tax impact and avoid year-end, lump-sum liabilities.
We offer a team approach, often involving an attorney, a financial consultant and several representatives from Davidson Fox, each contributing a specific expertise.
CPA FIRM QUALITY REVIEW
Our philosophy is to work with firms to ensure that they receive the maximum benefit from the peer review process.
The majority of the partners and support staff at Davidson Fox are lifelong members of the communities we serve. We believe it is our responsibility as engaged citizens to assist those in need and raise awareness for causes that match the ethics our firm was founded on.
It is for this reason that you’ll find the members of our firm serving on boards of organizations that benefit our community, participating in events designed to help those in need and donating time to community based outreach programs. We believe that these activates are key to growing a healthy, sustainable community that builds a foundation to help others thrive.
The needs of the organizations we’re involved with go well beyond the time and effort our firm can contribute, but knowing that our members have made a difference in someone’s life is what really matters the most.
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