By Michael Mills and Elaine Yandrisevits
Taxing jurisdictions continue to assess how to respond to the COVID-19 pandemic, with state and local jurisdictions being challenged by budget limitations. In the forefront of most people’s minds is the tax deadline for personal income tax returns normally due on April 15th. The following is an updated overview of the tax payment and filing deadlines applicable to our region:
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (referred to as the “CARES Act”). This sweeping legislation provides economic relief for small businesses and taxpayers who are impacted by the Coronavirus pandemic. Nonprofit charitable organizations and their employees share in some of these benefits.
In response to the ongoing COVID-19 crisis, Governor Wolf approved a temporary suspension of the physical presence of notaries for certain real estate transactions on March 25, 2020. The existing law, codified at 57 Pa. C.S. § 306, requires a notary to be physically present when witnessing the executing of documents.
The Coronavirus outbreak has impacted almost every part of daily life for individuals, families and businesses. AMM attorneys are monitoring legislative developments on the local, state and federal level as we continue to provide legal services.
We plan to provide summaries, analysis and legislative updates regularly on topics related to this crisis in order to assist our business and individual clients to stay abreast of changes and events in the rapidly changing legal landscape. All such content is available on our Coronavirus Blog page. Please reach out to one of our attorneys should you need advice or have questions.
As most of you know, last night the U.S. Senate passed the “Coronavirus Aid, Relief and Economic Security Act”, being referred to as the CARES Act, which is now being sent to the House of Representatives for a final vote. It is expected that the House will pass the measure without further changes, and that it will be signed into law by the President. More details will be provided as we move along, but broadly speaking the CARES Act provides the following benefits and stimulus to U.S. small businesses and individuals:
On March 24, 2020, the United States Department of Labor ("DOL") issued limited guidance regarding the Families First Coronvirus Response Act (the “Act”).
Most importantly, the DOL identified April 1, 2020 as the Effective Date of the Act, contrary to the conclusion of most observers that the Act would go into effect on April 2, 2020. Accordingly, employers of all sizes should plan to come into compliance on April 1, 2020. The DOL also clarified that the Act is not retroactive. The DOL also advises not to send requests for the small business exemption to the department, and that it will issue regulations regarding the small business exemption at a later date.
With individuals residing in Allegheny County, Bucks County, Chester County, Delaware County, Monroe County, Montgomery County, and Philadelphia County ordered to stay at home with only certain limited exceptions, and non-life sustaining businesses ordered to close, business owners struggle with what to do next. The full text of the Governor’s order and other related information can be found here. While there are many unanswered questions and additional guidance is continually being issued, business owners do have resources available to them.
In the course of the past few days, we have all been presented with unforeseen challenges as a result of the COVID-19 virus. If you currently have a custody order in place or are going through a custody battle, you might be experiencing parenting issues stemming from the coronavirus outbreak, the recent school closures and work from home mandates.
Business interruption insurance covers a business’ losses resulting from a direct physical loss or damage to property. Accordingly, coverage under such a policy generally will not trigger unless there is a direct physical loss to the business’s property. In some circumstances, loss of income due to a disaster-related closing of a business’ physical location is covered.
The coronavirus pandemic has already caused massive financial impacts across nearly every industry in the Commonwealth of Pennsylvania. Unemployment claims have skyrocketed, essentially all physical business locations are closed, and industry is struggling to convert to remote operations. Unfortunately, it appears the financial crisis is just beginning.