Tax

Tax Credits Offered to Employees Under the Families First Coronavirus Response Act

The Families First Coronavirus Response Act (the Act) was signed into law on March 18, The Act authorizes certain relief to businesses pertaining to the COVID-19 pandemic, including tax credits to employers to help offset the cost of wages to employees taking time off under the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act.
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IRS Defers Tax Payment and Filing Obligations Due to the Coronavirus Pandemic

The Internal Revenue Service (IRS) has deferred both income tax payments and income tax filings to July 15, 2020 due to the COVID-19 pandemic, pushing the deadline three months later than the standard April 15, 2020 deadline.

The full Notice 2020-18 (Notice) can be viewed here. Additionally, the IRS has supplemented the Notice with a series of Frequently Asked Questions (IRS FAQs) that are located on the IRS website.

Click here to read the full Alert   >>

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IRS allowing more time to file federal tax returns and pay federal income taxes

The IRS has announced that taxpayers will be allowed to defer until July 15, 2020 the filing of their federal income tax returns and the payment of their federal income taxes that were otherwise due on April 15, 2020. The new due date is July 15, 2020. READ MORE 

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States allowing for deferral of tax payments and tax return filings

The IRS has issued guidance allowing for additional time to pay 2019 federal income taxes and 2020 first quarter estimated taxes up to certain amounts. States have begun to follow suit with some following the federal government and others taking different approaches. READ MORE 

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COVID-19: Continuing healthcare coverage for furloughed or laid-off employees

As the coronavirus and it’s economic impact continue spreading across the nation, employers are dealing with a variety of unprecedented issues in regards to their business operations, including employee benefits plans. Many employers are concerned about continuing healthcare coverage for employees who are furloughed or laid off during this time. READ MORE

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TGS Baltic offers up-to-date information on the availability of Covid-19 crisis mitigation measures and the newest regulatory changes.

General

In accordance with Cabinet Order No. 119 of 24 March 2020, which amends Cabinet Order No. 103 On the Declaration of Emergency Situation of 12 March 2020, new restrictions take place:

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Corporate Governance Reliefs announced in view of COVID-19

The Union Finance & Corporate Affairs Minister, Government of India, Ms. Niramla Sitharaman, in her interactions with the press yesterday, i.e., on March 24, 2020, has announced multiple relaxations to statutory and regulatory compliances under various legislations viz., the Companies Act, 2013 (“CA2013”), Limited Liability Partnership Act, 2008 (“LLP Act”), Insolvency and Bankruptcy Code, 2016 (“IBC”), Income Tax Act, 1961, the Goods and Services Tax legislations, Customs Act, 1962 etc. The complete press release vis-à-vis all measures announced can be accessed at http://pib.nic.in/newsite/PrintRelease.aspx?relid=200639.

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Verohallinnon tukitoimet yrityksille koronaviruksen johdosta

Viime päivinä olemme saaneet mielenkiinnolla, osin jopa pelolla, seurata mitä seuraavaksi perutaan. Perutuiksi ovat joutuneet niin jääkiekon MM-kisat, normaalit koulupäivät, erilaiset musiikki-, urheilu- ja koulutustapahtumat, jopa Euroviisut on peruttu. Vanha sanonta verojen maksamisesta pitää kuitenkin edelleen paikkansa eikä tulojen ilmoitusvelvollisuutta, saati verojen maksuvelvollisuutta, ole peruttu. Verot on siis maksettava, pandemiasta ja valmiuslain toimivaltasäännösten käyttöönotosta huolimatta. Verohallinto tiedottaa verkkosivuillaan selkeästi, että ” Koronan aiheuttamien vaikeuksien vuoksi veroja ei voi jättää maksamatta eikä veron määrään, eräpäiviin, viivästyskorkoihin tai muuhun maksamiseen ole tullut muutoksia”. Read more…

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Highlights of Finance Minister’s Press Conference: Reliefs during COVID-19 outbreak

In the midst of the shutdown of businesses all over India to contain the spread of the highly contagious Covid-19 infection, Finance Minister Smt. Nirmala Sitharaman today addressed a press conference on various statutory and regulatory compliance issues and announced a slew of measures for providing relief amid the pandemic outbreak.

The brief highlights of the announcements made by the Finance Minister:

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Measures in Latvia to support sectors that have suffered crisis costs due to spread of COVID-19

Today the legislator of Latvia has adopted a special temporary law on measures to prevent and manage state threats and consequences of the spread of COVID-19.

The law provides for the following measures:

General: The Cabinet of Ministers shall determine sectors that have suffered crisis costs (sectors affected by the crisis) due to the spread of COVID-19 and that are therefore subject to measures and special support mechanisms, as well as to set criteria, how to determine those who shall receive the same special support in other sectors;

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