Bayley Davis Associates is doing everything we can during this uncertain time to keep up to date on issues that impact our clients. We are actively working on tax returns, and dispensing information on potential options for financial relief. We have put together this list of resources that provide up to date information on our rapidly changing situation. Please check the following links regularly for updated information including deadlines and assistance available. We are doing well so far and hope you are staying safe.
The Internal Revenue Service
Coronavirus Tax Relief page
Filing and deadlines Q&A
This link covers how to change payment dates or cancel a payment if you've already filed your return:
The US Small Business Administration
This link has information about what the SBA can do for your business.
This link has information about the rates and payback terms along with a link to apply for a loan.
This is the mail link the State of WA has for access to all sorts of information related to the virus. Infection statistics, business resources, employee resources and much more. https://coronavirus.wa.gov/
This is the link to the section dedicated to employment related information for workers and business owners. https://coronavirus.wa.gov/business-workers
This link has information for Self-Employed individuals, including when they will be able to apply for WA State Unemployment benefits.
Washington State Department of Revenue's business relief can be found here:
This site is tracking multiple states' legislative responses:
King County Job Opportunities:
King County postpones payment deadline to June 1 for some property taxpayers:
Mortgage Relief for Home Owners
For home owners Forbes has an article that is being updated daily tracking mortgage relief options.
5 Ways The CARES Act Impacts Retirement Planning (Forbes Article)
Additional information that might help you or someone you know
1. For non-filers to get Stimulus payments: for those people not required to file a tax return because income is too low, the IRS has now released an option to get the IRS information for direct deposit of stimulus money
https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here - read the qualifications to ensure you qualify to apply here
Note: if you are receiving Social Security, SSDI or Railroad Payments, then you do NOT need to enter your information here
Note: if you are required to file taxes, but haven’t done so for 2018 or 2019, this is also NOT for you
2. For people with pre-tax retirement accounts: the IRS has waived the 10% penalty associated with removing money early (before retirement age). You would still owe income taxes, but they are allowing you to claim that income on your taxes over a three year period
3. For self-employed people: Under the CARES Act, you are now allowed to collect unemployment. Check your local area to see when the system will be updated and available to apply. Locally, to WA that date is currently April 18, 2020
a. Note: for those with employees, this might increase your state unemployment rates
4. For Homeowners: See about extensions for paying property taxes
For King Country (WA State) has delayed property tax payments due April 30 to now be due June 1, 2020. Individual residential and commercial taxpayers who pay property taxes themselves, rather than through their mortgage lender, can delay payment until June 1, 2020
5. For lower income Senior and Disabled Homeowners: See if you can get a reduction in property tax payments. This is often a regular program for fixed income people and isn’t necessarily COVID-19 related.
a. For King County: https://www.kingcounty.gov/depts/assessor/TaxRelief.aspx (Go to the King County Assessor’s website and look under “Tax Relief.”)
6. For Seniors (and those with inherited IRAs): Per the CARES Act, you are not required to take Required Minimum Distribution (RMD) payments for 2020