Top #5 things to do if you have missed the tax deadline

by Mounica Kota | Aug 20, 2020 | e-filing, IRS, tax deadline, US Treasury Department

Top #5 things to do if you have missed the tax deadline

With response to the outbreak of the pandemic COVID-19, the US Treasury Department and the IRS had provided special tax filing and payment relief to the Americans. The deadline for tax returns had been extended by the IRS from 15^th April 2020 to 15^thJuly 2020. The IRS had continuously urged the Americans to file their tax returns before the completion of the tax deadline or request for an extension in case of ineligibility to file or pay by the declared deadline.

However, the federal tax deadline has come and gone now. If you have missed your federal tax deadline and have not also filed for an extension then, you should have an idea about the course of action you can follow now.

Go ahead and file as soon as you can

If you owe money to be paid to the IRS, then you must file your tax returns soon to avoid paying any penalties to the IRS.
Even though the IRS would charge penalties on you for the late filing of your returns but that would be somewhat less than the penalties charged for not filing the tax returns at all.
The IRS would have received Form 1099-Misc and Form W-2 which would reflect your income earned for the year. You must file your returns immediately so that the IRS does not show that you need to pay more taxes.
Moreover, you might be having a tax refund and it may not come if you have a tax penalty to pay. In case you have a tax refund and do not file your taxes then you would have to wait for three years of the tax return due date.

Make arrangements for the payment

If you are not filing your tax returns on time because you are not sure about how you will arrange for your payment amount then, you can follow the below-mentioned steps.

You must file your tax returns soon, pay whatever amount you can arrange, and then request a payment plan from the IRS.
There are several options available with the IRS such as a request for a short term payment plan, offer in compromise, long term installment plan, or temporarily delay collections in some cases.
By the short term payment plan, you can pay the amount you owe to the IRS within 120 days. Similarly, by long term installment agreements, you can pay your amount over 6 years.
In case your total taxes, penalties, and interest are up to $50,000, you can request for an installment agreement online.

Information about the penalties

If you have not filed your tax returns or not paid your taxes on time, you should be aware of the penalties which you would have to pay.

Failure-to-file penalty – This penalty would be 5% of the unpaid taxes for each month your tax return filing is late until 5 months. However, if you are filing your tax returns late by more than 60 days you; you would have to pay whichever is less i.e. 100% of the federal taxes you owe or a specific dollar amount which can be adjusted annually for inflation. This “specific dollar amount “is $435 for those returns which are due after 1^st January 2020.
Failure-to-pay penalty – The IRS would charge you 0.5% of your unpaid taxes for each month of unpaid due up to 25%. Interest would be accrued on the unpaid taxes and would be equal to the Federal Short term rate plus 3%.

In most cases, the failure-to-file penalty is much more than the failure-to-pay penalty. So, it is advisable that if you are not able to pay the taxes on time you should at least file your tax returns on time.

Use e-filing

If you have not filed your tax returns yet, you can still do it online by using the e-filing method. If you are using the conventional methods of tax filing, it will take a longer time to be received by the IRS and to be processed by the IRS. If the filing has been done by electronic means, the IRS would process the return requests within 21 days from the date of receipt of the return.

Do not ignore

You should be completely aware of your specific tax situation. The sooner your tax issues are addressed the better. If you continually keep on ignoring your taxes, you would have to face some serious penalties like

IRS can file a notice of a federal tax lien.
Your property might be seized.
IRS could forfeit your refund.
In serious cases, your passport might be revoked or charges could be filed against you for tax evasion.

Conclusion

It is advisable not to avoid your tax-related problem, do good research, seek help from professionals, and work toward finding a solution to your problem.

References

Step-by-step guideline on what to do if you cannot afford to pay your taxes

by Mounica Kota | Aug 15, 2020 | IRS, tax deadline, Tax Extension, tax return

Step-by-step guideline on what to do if you cannot afford to pay your taxes

The IRS had extended the tax return filing and payment deadline until 15^th July 2020 for the Americans to alleviate the financial crisis faced by millions of Americans due to the pandemic COVID-19. However, the pandemic has led to the unemployment of millions and millions of Americans. So, even with the extension in the return filing and tax payment deadlines, it is quite difficult for some Americans to pay their taxes on time.

The IRS has a simple reminder for the taxpayers who cannot pay their entire amount of federal taxes which they owe. They should file their tax returns on time and pay as much as possible. By this, the interest and penalties of taxpayers would reduce and there would not be much accumulation of interest to pay back.

If a taxpayer plans to pay his taxes as much as he can afford, then the IRS has some convenient methods to do this i.e. by IRS Direct Pay Method, Electronic Federal Tax Payment System (EFTPS), Electronic Funds Withdrawal, Debit or Credit card, or by Check/Money Order, etc.

However, for those taxpayers who feel payment of taxes are unaffordable at the moment; they can follow a detailed plan.

Step1 – File by the new 15^th July deadline even if it feels difficult to afford the payment on time

As said earlier, due to the pandemic COVID-19 the deadline to pay the Federal taxes has been pushed to 15^th July 2020. However, with this extra time, taxpayers should not wait much more to file their taxes. Taxpayers must consult tax professionals for filling the forms. By this, the credits and deductions to lower the bill can be found out easily.

Many taxpayers might consider the option of the deadline extension. However, the extension would provide more time for filing the tax returns but not for

paying the taxes. Even if there is an extension, the tax payment must be done on time. So, an extension should only be filed by the taxpayers if due to some reason the taxpayer is not able to file the tax returns on time.

Step2 – Pay as much as possible by the tax deadline

This is also recommended by the IRS that the taxpayers should wait till the deadline, try to arrange for the tax amount, and pay off as much as possible. Some taxpayers even prefer discarding some of their unwanted materials in exchange for cash which can be utilized in payment of their taxes which are due.

Taxpayers can contact the IRS on the toll-free number to discuss alternate payment options. IRS might help the defaulter taxpayers with other payment options like a short-term extension to pay the taxes, an

agreement for installment, an offer in compromise, or by temporary delay in the collection by reporting that the taxpayer’s account is currently not collectible until the taxpayers can afford to make the payment.

Step3 – Keep paying the taxes you owe even after filing

Even after Tax Day, taxpayers would have a period of around 1 month or 2 months before the IRS would contact them about the rest of the tax payment. During this available time of 1month or 2 months, taxpayers should try to pay out as much as possible to reduce the balance left out.

In case the taxpayers are not able to make their complete payment by this time, the IRS would suggest options for making the rest of the payments in monthly installments.

Step4 – Rectify the problem

You should approach a tax professional and try to work with him or his team to ensure that you are not stuck with the problem of unaffordability related to tax payments. This can be feasible either by setting aside profits from a side business or by the adjustment of withholdings from your paychecks.

Your issues can be best identified and rectified by the tax professionals so that these issues are avoided in the future.

Conclusion

Hence, you can follow these steps and try to pay off as much tax as you can. Avoiding the aggregation of penalties is important to avoid any further financial and economic hardships.

References

Top #5 things to note about the extended Tax deadline July 15-2020 from April 15-2020 which is just round the corner

by Mounica Kota | Jun 20, 2020 | Federal Tax Payment, tax deadline, Tax Extension

Top #5 things to note about the extended Tax deadline July 15-2020 from April 15-2020 which is just round the corner

Millions and millions of Americans have been affected by the deadly coronavirus whose impact is worsening further day-by-day. Americans are facing health problems, losing their sources of income and are facing a very difficult time. In such bad times, the Federal Government has been quite supportive and has taken up various initiatives by which the economic stress of the Americans would be reduced.

One of the major initiatives taken by the Federal Government to reduce the economic burden on the Americans affected by the pandemic COVID-19 is the extension of the tax return filing and the tax payment deadline to 15th July 2020 by the IRS. This extension in tax filing deadline is applicable for all taxpayers i.e. both residents and non-residents and including individuals, corporations, estates, trusts, and other non-corporate tax filers as well.

Let us know about the major five things about this tax deadline extension provided by the Federal Government.

a.Extension for filing tax return and tax payment

This extension offered by the IRS is applicable both for filing Federal tax return and Federal tax payment. Originally, the Federal Government was about to give the deadline until 15th July 2020 to pay the taxes along with penalties and interest. However, the rules have been modified due to the economic stress caused due to the pandemic COVID-19. But, those taxpayers who are expecting their tax returns must file them soon to obtain the refunds faster.

b.Eligibility for availing the extended deadline

According to the IRS, there are is no such eligibility criteria for a taxpayer to avail the extended deadline. Any person who has a pending Federal Income Tax payment or returns due for 15th April 2020 can avail of the relief of deadline extension. This extended timeline is also applicable for the estimated Federal Tax Income payment 2020. This timeline extension is only applicable for those payments or return filing due on 15th April 2020 and not due on any other date.

c.State tax laws

There are a large number of states who have also extended their timeline for Federal income tax return filing and payment dates to 15th July 2020 as that of the Federal Government. States such as Alabama, Arizona, Kansas, Ohio, South Carolina, District of Columbia, West Virginia, Michigan, New Jersey, Montana, Oklahoma, Minnesota, Kentucky, Wisconsin, Maine, Georgia, Illinois, California, Colorado, and many more have their tax return filing and payment extended up to 15th July 2020.

However, there are some states like Hawaii, Idaho, Iowa, and Virginia which have extended their timelines differently than that of the Federal Government. The timeline in Hawaii has been extended to 20th July, in Idaho has been extended up to 15th June 2020, in Virginia had been extended up to 1st June 2020 and up to 31st July 2020 in Iowa.

d.Inability to pay by 15th July 2020

In case a taxpayer feels that he would not be able to pay his Federal Income tax even by the extended timeline i.e. 15th July 2020, then he would have to file for an automatic extension. The taxpayer must request for the automatic extension of the timeline by 15th July 2020. He can be able to request for the extension automatically by e-filing using Form-4868. Moreover, if business entities or trusts would be interested in filing for an extension, then it can be done electronically through the Form-7004.

e.IRA and HSA

Since the deadline for filing tax returns and tax payment has been extended till 15th July 2020; the taxpayers can make contributions to their IRA and HSA up to 15th July 2020.

Additional Information

However, there are some other items whose deadlines have been extended until 15th July 2020.

The Estimated Federal Tax payment for the second quarter has also been extended till 15th July 2020 which was 15th June 2020 earlier. So, by this, the taxpayers would have to now submit both the Estimated Federal Tax payments for both the 1st quarter and the 2nd quarter by 15th July 2020.
The partnership return filings and the corporate return filings have been extended till 15th July 2020.

Hence, the extended timeline for making the Federal tax payment, filing the Federal tax returns, and even payment of State Tax is almost round the corner and taxpayers should be prepared for it from now.

References

All you need to know about State-specific Tax deadlines and COVID-19

by Mounica Kota | May 5, 2020 | COVID - 19, tax deadline, tax return, US Government

All you need to know about State-specific Tax deadlines and COVID-19

The pandemic COVID-19 has affected the economic lives of the Americans in a very adverse manner. The Federal Government and the State Government have taken initiatives to reduce the stress of the Americans by bringing up numerous changes in the tax laws.

The Federal Government has extended the deadline for filing tax returns and also payment of taxes to 15th July 2020. There are some states which have aligned to the changes in the Federal tax laws and have extended their deadlines as well. However, there are some other states which are still charging interest on the non-payment of taxes on time.

Let us know about the changes in some of the State-specific tax deadlines made due to the outbreak of COVID-19.

a.Alabama

1.Alabama has postponed the tax returns filing and payment date from 15th April 2020 to 15th July 2020 for the below-mentioned categories of taxes.

Individual Income Tax
Excise Tax for financial institutions
Corporate Income Tax
Business privilege Tax

2.These tax reforms include relief on the payment of tax on self-employment income and the estimated income tax for the year 2020.

3.Penalties for the late payment of Sales and Use tax have been waived for small businesses.

b.Alaska

The Alaska Legislation has extended all tax returns and payments administered by the Alaska Revenue Tax Division due for 15th April 2020 until 15th July 2020.
No penalties or interest would be charged for the late payment of the taxes during this period.

c.Arizona

In Arizona, the deadline for the filing of tax returns and payment of State Income Tax due on 15th April 2020 has been extended to 15th July 2020.
This extension in the deadline is applicable for individuals, corporations, and fiduciaries.

d.Hawaii

In Hawaii, the taxpayers who are due to file their State Income Tax returns or pay the State taxes from 20th April 2020 to 20th June 2020 can do that by 20th July 2020.
This extension is applicable only for the Hawaii income tax return filing and payment; and not applicable for estimated income tax payment, franchise tax, withholding tax, general excise tax or public service company tax.

e.Georgia

The Governor of Georgia has announced that there would be an extension in the deadline for filing of Georgia’s income tax returns.
The new deadline has been determined as 15th July 2020 which is per that of the federal deadline.

f.Idaho

The deadline for filing Idaho’s Income Tax returns has been extended till 15th June 2020.
In this case, it is advisable to complete both Federal and State tax return filing by 15th June 2020 so that the returns can also be obtained on time.

g.North Carolina

In North Carolina, the deadline for filing state tax return has been extended to 15th July 2020.
But, interest would be charged on any tax payment which is made after 15th April 2020. So, taxpayers should pay their tax soon to avoid being charged with interest.

h.Virginia

The Virginian State Government has extended the State Income Tax return filing date to 1st May 2020.
However, interest would be levied on any late payment of State Income Tax which is due within 1st April to 1st June 2020. It is advisable to file the returns and even pay the taxes soon.

i.New Jersey

In New Jersey, the timeline to file and pay the individual gross income tax, corporation business tax, and partnership tax for the year 2019 has been extended until 15th July 2020.
This extension of the deadline is also applicable for the 1st quarter estimated tax payments.

However, all other payments of tax and filing of returns remain de on their original date which also includes the 2nd quarter estimated tax payments.

j.New Hampshire

According to the New Hampshire Department of Revenue Administration, there would be no changes in the deadlines for payment and returns of business profits tax, business enterprise tax or any other tax which is administered by the Department.
The interests on non-payment of taxes would be charged from 15th April 2020 onwards.

k.Montana

Montana has made an extension in the deadline for the filing of tax returns and for the payment of individual State income tax to 15th July 2020.
There has also been an extension in the deadline for making the payment of the 1st quarter estimated tax payments to 15th July 2020.

Hence, these are some of the States which have made certain changes in their tax laws for bringing some relief to the Americans. However, for detailed information on the State tax law changes the State tax Consultant must be consulted.

References

State and Local Tax relief laws for COVID-19

by Mounica Kota | Apr 11, 2020 | COVID - 19, federal government, global income tax, local tax relief laws, state tax relief laws, Tax credits, tax deadline, Tax Extension, tax filing, Tax Payers, taxes, US Government

State and Local Tax relief laws for COVID-19

The novel coronavirus (COVID-19) is spreading rapidly with a huge toll on the lives of common people and the global economy as well. In the US, the number of people being affected by the COVID-19 is on an increase and has reached around 4 lakhs now. The number of people who have died due to COVID-19 in the US is approximately around 11,000. Similarly, many people have even lost their livelihoods due to the closing or the downfall of several businesses.

However, Tax relief laws the Federal Government has been extremely considerate towards the sufferings of the common people and has taken several initiatives for providing some relief to them. The income tax payment and return filing deadline for the taxes due on 15th April 2020 has been postponed to 15th July 2020 by the IRS. Also, several new laws have been implemented by the Federal Government for the support of individuals, small and medium scale businesses even. The Coronavirus Aid, Relief and Economic Security Act (CARES), Families First Coronavirus Response Act, Stimulus Package, etc. are some of the major initiatives taken by the Government for providing support and assistance to people.

Tax relief laws by State Government

In the US, the tax rules and laws associated with the Federal Government and the State Government are different from each other. In this distressful period, the State Government of different states of the country has announced various changes and new rules related to the tax laws.

Let us talk about some of the major tax relief laws imposed by the State Government in the different states to deal with the economic disruption caused by COVID-19.

Alabama

In Alabama, the Revenue Department has announced on provisions for tax relief to small businesses that would not be able to pay their Sales tax for February, March, and April. Those small retail businesses whose monthly sales in the previous year have been $62500 or less on average can have the liberty to file their sales tax return for February, March, and April without paying the State Sales tax. There will be a waiver of late tax payment penalties for these small retail businesses through 1st June 2020.
The deadline for motor vehicle registration and vehicle property tax payment for March 2020 has been extended through 15th April 2020. Moreover, tax relief would be available for State lodgings tax account holders who are unable to make their payment for February-April 2020.
The due date for payment and filing returns for 2019 Income tax and 2020 estimated Income tax which were due on 15th April 2020 has been extended to 15th July 2020.

California

The Income Tax deadline for return filing, payment for 2019 and 2020 estimated tax payments Quarter 1 and Quarter 2 has been extended to 15th July 2020. This is also applicable for 2020 LLC taxes, fees, and 2020 non-wage withholding payments.
The Californian Employment Development Department (EDD) has declared that the employers in the State who have been impacted by COVID-19 can request a delay of up to 60 days in filing their State payroll reports or in the deposit of their payroll taxes without the payment of any penalty. The employers must provide a written request for this extension within 60 days of the original tax filing/payment due date.
Moreover, there has been an announcement on the deferral of business taxes for supporting small businesses that have been affected by the COVIS-19.

Connecticut

The Department of Revenue Services in Connecticut has extended the deadlines for filing the annual tax returns due on or after 15th March 2020 and before 1st June 2020 to 15th June 2020.
Also, the tax payments which are associated with these tax returns have been extended to the due date available in June.
The personal income tax return filing deadline has been extended to 15th July 2020 and this extension is also applicable for estimated tax payments of 2020 Quarter 1 and Quarter 2.

Columbia

For income tax returns, the deadline for tax payment and return filing which was due on 15th April 2020 has been extended to 15th July 2020.
In the District of Columbia, penalties/interest will be waived for the failure of sales tax payment for a period that ends on 29th February 2020 or 31st March 2020 if all the taxes are paid completely on or before 20th July 2020. This waiver does not apply to hotels or motels which can defer property tax under another emergency legislation.
This legislation states that hotels/motels can avail penalties waiver for the delay in payment of the property tax’s first installment of 2020 if the installment is paid by 20th June 2020.

Texas

In Texas, the Comptroller has declared that the sales tax collected in March 2020 would be remitted and would be available for emergency health care and other emergency operations for the people.
The Texan Comptroller has also insisted on the businesses in the State to make use of short term payment agreements for meeting the deadline of March 2020.

Massachusetts

The Department of Revenue in Massachusetts has implemented an emergency regulation amendment. According to this amendment, the sales and use tax return filing and payment which are due for the period of 20th March 2020 to 31st May 2020 will remain suspended. These tax return filing and tax payments would be now due for 20th June 2020.
Marijuana retailers, marketplace facilitators or motorcycle vendors are not included within this amendment. Any penalties or interest would be waived but the accumulation of statutory interest will continue.

Virginia

In Virginia, the Department of Taxation has announced that all the income tax payments which are due from 1st April 2020 to 1st June 2020 can be paid at the Department anytime on or before 1st June 2020. If all the payments are received by 1st June 2020, then the Department would waive all penalties for late payment otherwise penalties would start accumulating from the original payment due date.
However, interest would also keep accruing from the original due date of payment. Some of the taxes which are eligible for this extension and waiver are individual, fiduciary and corporate income taxes and any estimated income tax payments in this period. The State provides an automatic filing deadline extension for all the taxpayers for six months. Also, the Department of Taxation would consider requests for sales tax dealers who would request an extension in the sales tax payment and return filing which was due on 20th March 2020 and would extend it till 20th April 2020.

Montana

The Montana Revenue Department would assess the situation of taxpayers on a case-by-case basis and might permit the deferral of tax payments for up to one month at an instance.
The taxpayers must contact the Tax Collection Bureau by email, phone or mail at least one week before the actual due date of payment for making a deferral request.
The 2020 estimated tax payments for the first quarter have been extended to 15th July 2020 and the second quarter payment is also due on 15th July 2020.

Conclusion

Hence, along with the Federal Government, these are some of the tax relief laws/rules implemented by the different states. Taxpayers can communicate with their respective State tax agencies for complete details on the amendments made in their respective tax laws for COVID-19. These rules and amendments in State tax laws would act as a support for the distressed individual taxpayers or businesses in coping up with the economic disruptions.

References

https://tax.thomsonreuters.com/news/tax-relief-offered-by-states-and-localities-in-response-to-covid-19/?utm_campaign=T_CPE_NSL_9017597_covid19news_20200406_PR_EM1&utm_medium=email&utm_source=Eloqua&site_id=82769734&cid=9017596&chl=em&sfdccampaignid=7014Q000002SW4xQAG&elqTrackId=8432E59EA486AE4E4F693C86C8DF092E&elq=1fca5b09cc9e4a48adaa952eec158059&elqaid=22686&elqat=1&elqCampaignId=16486

https://www2.deloitte.com/us/en/pages/tax/articles/covid-19-state-and-local-tax-due-date-relief-developments.html

Everything you need to know about tax relief implemented for the ongoing coronavirus disease 2019

by Mounica Kota | Apr 2, 2020 | COVID - 19, HSA, IRA, IRS, state tax, tax deadline, Tax Exception, Tax regulations

Everything you need to know about tax relief

implemented for the ongoing coronavirus disease 2019

The dreadful coronavirus disease has taken a toll on the global economy. Businesses are suffering from losses and employees are losing their jobs. In such a situation, tax compliance is an additional factor of stress on the common people and business entities as well. In such difficult times, the US Government has taken an initiative and introduced certain changes to federal tax laws.

Extension in federal tax deadlines

The US Department of Treasury and the IRS issued Notice 2020-17on 18th March 2020. According to the guidelines of this notice, there has been an extension in the deadline for payment of federal income tax or federal tax return. Any taxpayer having a federal income tax payment or federal income tax return due on 15th April 2020 can file the returns by 15th July 2020. This extension of 90 days has been provided by the IRS without charging any penalties or interest for late filing. This tax relief is applicable for all taxpayers who include individual, trust, estate, partnership association, corporation, etc.

The affected taxpayers do not need to file the forms Form 4868 or Form 7004. Also, there is no limitation on the amount of payment that might be postponed. This relief on taxes is applicable for the Federal Income tax and Federal tax return of 2019 and for the estimated federal income tax payment of 2020 which were due on 15th April 2020. However, no extension has been announced for the filing of any other type of federal income tax or federal tax return.

Extension in State tax deadlines

The majority of the States have agreed to the tax changes implemented by the Federal Government and have responded accordingly. However, there are some states which have responded differently to these tax changes implemented by the Federal Government. Taxpayers can obtain all information related to the changes in State tax laws from their state tax agencies.

Contributions to IRA

With the changes in the deadlines for tax payment and filing of tax returns for the federal tax, the deadline for making contributions to IRA has also been extended. The deadline for making contributions to the IRA has been also extended to 15th July 2020. This extension of 90 days for making contributions to the IRA has been provided by the IRS without charging any penalties or interest.

Taxpayers can contribute a maximum amount of $6000 towards their IRA and if the taxpayer is above the age of 50 years then there can be an additional contribution of $1000.This is an excellent opportunity for the taxpayers to save more for their retirement if they have not done so.

Contributions to HSA

Along with the extension made in filing federal tax payments and federal tax returns up to 15th July 2020, the deadline for making contributions to HSA has also been changed to 15th July 2020.

In case if the taxpayer is having a high –deductible health insurance plan with an HSA then he can add up to $3500 if he has self-only coverage. This amount can be increased to $7000 in case of family health plans. In the case of the taxpayer being above the age of 55, a contribution of an additional $1000 can be made into the account.

The stimulus package and

Families First Coronavirus Response Act

The Stimulus package will help the taxpayers in obtaining stimulus checks. These stimulus checks would of amount $1200 for the individual taxpayers, $2400 for those who are filing tax returns jointly and $500 for each qualifying child. These payments related to the stimulus package would be done by using the tax information of the taxpayers based on their recent tax filings. The amount which would be paid would be reconciled on the next year’s tax return based on the taxpayer’s situation in 2020.

The Families First Coronavirus Response Act helps in providing relief to the individual taxpayers as well as self-employed individuals and small businesses. The eligible employees who have been impacted by the coronavirus would receive emergency sick leave and paid sick leave.

Under FMLA (Family Medical Leave Act), if an employee needs to be quarantined, took care of a family member who was quarantined or took care of minor children whose schools/child care centers are closed due to COVID-19 can avail 12 weeks of job-protected leave. Also, if an employee is himself seeking medical supervision or is being quarantined then he would be eligible to receive two weeks paid sick leave and two-thirds pay for the care of the family member/child.

Furthermore, self-employed taxpayers and small business owners can obtain tax credits for providing paid sick leave and emergency family medical leave to the employees. Self-employed taxpayers can obtain a tax credit which is equivalent to the qualified sick leave amount whereas they can obtain a refundable tax credit equivalent to 100% of a qualified family leave amount. Small business owners are eligible to obtain refundable tax credits equivalent to 100% of both the qualified paid sick leave and qualified family leave wages.

Conclusion

Hence, with the implementation of these tax relief strategies by the US Government the stress of the taxpayers would be reduced up to some extent until things return to square one.