Kostelanetz & Fink is committed to keeping our clients informed about the rapidly changing tax and governmental implications of the novel coronavirus. This webpage is intended to provide information about the evolving guidance being issued by tax and government procurement officials at the federal, state and local levels in select jurisdictions, and we will be updating it regularly as we learn more.
Kostelanetz & Fink Analysis of the IRS’s FAQs and Updated Guidance on the Extension of the April 15 Tax Deadlines Due to Novel Coronavirus, click here.
Kostelanetz & Fink Analysis of the Tax Provisions for Businesses and Individuals Included in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), click here.
- Kostelanetz & Fink Analysis of IRS Guidance on Collection and Other Enforcement Efforts, click here.
- Kostelanetz & Fink Analysis of IRS Expands Extension of Tax-Related Deadlines Due to Novel Coronavirus, including excise, estate, gift taxes and information returns, click here.
Christopher Ferguson article in the New York Law Journal entitled “Prosecuting PPP Fraud May Be Harder Than It Seems,” published on May 12, 2020, click here.
Kostelanetz & Fink analysis on the Paycheck Protection Program Flexibility Act Passed June 5, 2020, click here.
- Kostelanetz & Fink analysis of IRS Guidance for International Taxpayers in Light of COVID-19, click here.
Federal and IRS Guidance
The IRS has created a webpage on IRS.gov designed to answer taxpayer and business questions about stimulus payments and other guidance issued in response to the novel coronavirus pandemic. The IRS webpage is being updated as needed to help individuals and businesses navigate the new guidance, obtain stimulus payments to which they are entitled and understand the new reporting and payment deadlines.
State and Local Tax Guidance
New York state, New York City, New Jersey, Washington, D.C., and the states of Maryland and Virginia have all issued guidance and/or FAQs on tax filing deadlines and other tax-related issues for businesses and individuals related to the current coronavirus pandemic. Taxpayers should consult their tax professionals for advice on navigating these and other tax filing-related issues.
Links to the relevant state and city websites can be found below.
New York State and New York City
- New York State Tax FAQs https://www.tax.ny.gov/press/alerts/nys-tax-response-to-covid-19.htm
- New York State Sales Tax Relief https://www.tax.ny.gov/press/alerts/sales-tax-relief-for-covid-19.htm
- New York City Real Property Transfer Tax Filing Extensions and the COVID-19 Outbreak https://www1.nyc.gov/assets/finance/downloads/pdf/fm/2020/fm-20-4.pdf
- New York City Business Tax Filing Extensions and the COVID-19 Outbreak https://www1.nyc.gov/assets/finance/downloads/pdf/fm/2020/fm-20-2.pdf
- New York City Programs to Help Property Owners with Hardships Pay Property Taxes https://www1.nyc.gov/assets/finance/downloads/pdf/20pdf/hardship-programs-press-release.pdf
- New York City Penalties Waived For Department of Finance-Administered Business, Excise Taxes https://www1.nyc.gov/assets/finance/downloads/pdf/20pdf/business-penalties-waved-covid19.pdf
- New Jersey Division of Taxation COVID-19 Related Information https://www.state.nj.us/treasury/taxation/
- New Jersey Department of Labor and Workforce: What Employers & Businesses Should Know https://www.nj.gov/labor/employer-services/business/covid.shtml
- District of Columbia Office of Tax and Revenue Coronavirus Information and Guidance https://otr.cfo.dc.gov/page/coronavirus
- Comptroller of Maryland: COVID-19 Tax Response https://www.marylandtaxes.gov/covid/
- Processing of Maryland State Paper Income Tax Returns to Temporarily Stop on April 15 Due to COVID-19 https://content.govdelivery.com/accounts/MDCOMP/bulletins/2851a4a
- Virginia Tax Coronavirus Updates https://www.tax.virginia.gov/coronavirus
COVID-19 Related Supplies and Procurement
New York State and New York City have issued emergency procurement requests for COVID-19 products, such as medical supplies and Personal Protective Equipment (PPE). More information on how your business can help can be found below.
- New York State https://esd.ny.gov/sourcing-covid-19-products-nys
- New York City https://edc.nyc/covid-19-emergency-supply-sourcing-manufacturing
Small Business Administration Resources
- SBA Paycheck Protection Program https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp