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DiGabriele, McNulty, Campanella & Co., LLC

COVID-19 Information

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At DiGabriele, McNulty, Campanella & Co., LLC our goal is to keep you well-informed by providing you with accurate, up-to-date information that will help you respond to, and recover from, the impact of the coronavirus on you, your business, your family, and your community.

To achieve this in the most efficient and meaningful manner, we have created this webpage for you, filling it with specific news for our individual and business clients. To ensure that you remain informed across a wide range of critical areas, we will continue to update this page as more information is released.

As the situation around the coronavirus outbreak continues to escalate, we expect many of you to have questions. You can email us directly at rcamp@dmcpa.com and we will answer you as quickly as we can.

 

Tax Information

IRS Released Provisions of Relief

  • Federal income tax returns normally due on April 15, 2020 are not due until July 15, 2020. The July 15, 2020 due date can be extended to October 15, 2020.
  • The deadline for making Federal income tax payments normally due April 15, 2020 for individuals and corporations are postponed to July 15, 2020 regardless of the amount owed. This relief applies to tax payments due in respect to the 2019 taxable year and Federal estimated income tax payments due on April 15, 2020 for the taxpayer’s 2020 taxable year.
  • As a result of the postponement of the due date for making Federal income tax payments from April 15 to July 15, 2020, the period beginning April 15 and ending July 15, 2020 will be disregarded in the calculation of any interest, penalty or additional tax for failure to pay.
  • The relief DOES NOT apply to tax payments due on June 15, 2020 for the taxpayer’s 2020 taxable year. This may change but as of this writing, estimates are due on June 15.
  • No extension is provided for the payment or deposit of any other type of Federal tax or for the filing of any tax return or information return.
  • The taxpayer will not be provided relief from interest or penalties that may have accrued due to any underpayments prior to April 15, 2020

Local Provisions of Relief

  • Connecticut, New York and Pennsylvania have extended their tax filing deadline to July 15, 2020.
  • Connecticut and Pennsylvania have extended the due date for first and second quarter estimated payments to July 15, 2020.
  • We anticipate that the tax filing deadline for New Jersey will be June 30, 2020. Nothing has been finalized.
  • NY and NJ have not announced the due dates for first and second quarter estimated tax payments.

Click here to visit the IRS website for more information 

Click here to visit the AICPA website for information on State filings deadlines

U.S. Department of the Treasury, IRS and the U.S. Department of Labor announce plan to implement coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing coronavirus-related leave


Financial Business Support

Small Business Administration (SBA) 

The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%, however, this is subject to some changes in the future. There is the possibility that charitable and religious organizations may not be eligible at all. Stayed tunes for updates!

For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 or visit the Office of Disaster Assistance website for more information.

New Jersey

The State of New Jersey has established a special website devoted to business concerns during the coronavirus emergency. The site, cv.business.nj.gov, will be updated as new information becomes available. New Jersey is now certified to begin accepting Disaster Loan applications from NJ businesses impacted economically by COVID-19.

New Jersey Business Action Center 

Business owners can also call the hotline for the New Jersey Business Action Center at 800-JERSEY-7

New York

The City of New York will provide relief for small businesses experiencing a reduction in revenue because of COVID-19. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero interest loans of up to $75,000 to help retain employees and ensure business continuity. More information can be found by clicking here.

The City is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees.

Additional Expense Line for Items Directly Related to COVID-19

In response to the economic impact of the coronavirus pandemic, we are advising business owners and senior leaders to create an additional expense line for items directly related to COVID-19.  Here is what you need to know regarding capturing the information on anything related to COVID-19:

  • Include what you are spending for supplies
  • Include the time you’re are spending.  (Ex.: If you have added extra safety meetings, calculate the time individuals are spending on those meetings and include as a line item)
  • Keep these records in a contemporaneous manner.

There are two reasons for taking these actions:

  1. If the government does offer relief, your information will be readily available with all the necessary, documented details
  2. As we move past this into a recovery phase, you may consider approaching a bank. If so, it will be helpful to have a complete understanding of the full range of expenses you incurred while running the business. When the bank reviews your financial statements, they will have a clearer, more concise and accurate understanding based on the information you have provided in that line item.

Accounting Firm | New Jersey CPA - DiGabriele, McNulty, Campanella & Co is a New Jersey CPA Firm focused on providing forensic accounting, forensic investigation and damage calculations for litigation and other purposes. Also offer traditional tax, accounting and audit services to companies across the Tri-state region.

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