Coronavirus (COVID-19) and Tax Relief

With so much news hitting everyone’s inboxes, I want to focus on moving forward and helping. Let’s filter out the noise and breathe. Here’s a list of three things that can help you and your business right now.

IRS extends and gives us some breathing room.

We caught a break when the tax filing date was extended to July 15. With our attention elsewhere, the IRS has extended the tax filing date to allow “all taxpayers and businesses [to] have this additional time to file and make payments without interest or penalties,” according to a tweet from Treasury Secretary Steven Mnuchin.

File early to monetize faster.

Even with the extension, taxpayers are encouraged to file now to get money back sooner. And at a time when businesses are looking for liquidity to continue innovating, this is particularly important to our customers.

Gusto shares financial resources for small businesses.

In addition to the R&D tax credit, our partner Gusto has compiled a comprehensive list of public and private loans, grants, and financial support programs aimed at small businesses. Gusto will update this spreadsheet regularly with financial resources for small businesses. Check back for the most current information, and share it with a business owner who may benefit from the support.

Our team of R&D tax credit specialists is here to help you understand how the current events affect your R&D tax credit. Contact us today to schedule a free consultation.