Information on IRS Stimulus Payments and Other Tax Implications of the Novel Coronavirus

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 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.  

More information can be found at https://www.irs.gov/coronavirus and IRS Economic Impact Payments

To see Kostelanetz and Fink’s analysis of the IRS’s FAQs and Updated Guidance on the Extension of the April 15 Tax Deadlines Due to Novel Coronavirus, click here.

For Kostelanetz & Fink’s breakdown of the Tax Provisions for Businesses and Individuals Included in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), click here.

In addition, the state of New York, 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. 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

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


Washington, D.C.

District of Columbia Office of Tax and Revenue Coronavirus Information and Guidance
https://otr.cfo.dc.gov/page/coronavirus


Maryland

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

Virginia Tax Coronavirus Updates
https://www.tax.virginia.gov/coronavirus


Taxpayers should consult their tax professionals for advice on navigating these and other tax filing-related issues.