Tax

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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Overview of changes in the international coronavirus pandemic. Сontinued

While the threat of COVID-19 spread is not on the decline, the Russian Government continues to update the measures taken or introduce new ones, trying to act ahead of the possible adverse consequences of COVID-19.

Further review of the most significant business support measures under the conditions of COVID-19, as well as actions taken to curb the spread of COVID-19, follows below.

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Tax credits ease cost of extension of paid sick leave and FMLA

Two core elements of the Families First Coronavirus Response Act (FFCRA) that was signed into law on March 18 were the extension of paid sick leave benefits and Family Medical Leave Act (FMLA) benefits to employees affected by the COVID-19 outbreak working for employers with fewer than 500 employees and government employees. With many employers and self-employed individuals already feeling the financial effects on their businesses from social distancing and mandatory closures, the FFCRA includes provisions to help reduce the cost of these expanded benefits on affected employers though refundable tax credits. READ MORE

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IRS allowing more time to pay federal income taxes

The IRS has announced that individual taxpayers and trusts will be allowed to defer until July 15 the payment of up to $1 million in federal income taxes and that C corporations will receive a similar accommodation on up to $10 million in corporate income taxes. READ MORE

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Revenue and Irish Banks move to reassure and support customers during COVID-19 crisis

We are living in a time of crisis in a constantly evolving situation which is causing hardship and distress for many SMEs and self-employed contractors. This stress is compounded by financial hardship imposed by the current isolation and social distancing Covid-19 restrictions and their immediate and dramatic effect on businesses.

Revenue are closely monitoring the situation. and On 12th March the Revenue Commissioners implemented certain measures in order to alleviate the situation and to assist small and medium enterprise businesses experiencing cashflow and trading difficulties arising from the impacts of the Covid-19 virus.

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Papildoma informacija dėl mokesčių ir valstybinio socialinio draudimo (VSD) įmokų mokėjimą palengvinančių priemonių taikymo | COVID-19

Šiandien paskelbta papildoma informacija dėl mokesčių ir valstybinio socialinio draudimo (VSD) įmokų mokėjimą palengvinančių priemonių taikymo, t.y.:

1. Bus sudaryta galimybė supaprastinta tvarka atidėti mokesčių sumokėjimą, nemokant jokių palūkanų.

2. Artimiausiu metu VMI interneto svetainėje (skiltyje „Aktuali informacija verslui dėl COVID-19″) paskelbs mokesčių mokėtojus, kuriems bus taikomos šios priemonės: Read more…

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Tax Coronavirus Alert

This notice is current as of 4:30 PM EST on Wednesday, March 18.
Howard & Howard remains committed to providing our clients with stability and exceptional service during these uniquely challenging times. In this alert, we offer you positive considerations and ideas to help you navigate the COVID-19 crisis. We will continue to look for creative options to assist you with your business and tax concerns in light of the ever-changing social and business landscape. Read more…

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New Tax Credits under the Families First Coronavirus Response Act

On March 14, 2020, the U.S. House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act (the “Act”). The Senate is expected to pass the Act this week and President Trump has indicated that he will sign it. The government, however, has indicated that further revisions to the Act may be required.

If enacted into law, the Act would require many employers to provide paid sick and family medical leave to their employees, in addition to making other changes. These provisions are intended to mitigate the economic hardship that many employees would face if the coronavirus forced them to miss work for an extended period of time. These new requirements apply only in the case of a private employers who employ less than 500 employees. These provisions of the Act are discussed in our prior alert here. Read more…

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