Insights

As part of an effort to provide some measure of tax relief during the COVID-19 outbreak, the IRS has pushed back the April 15 deadline to July 15, 2020, for those taxpayers – including individuals, corporations and trusts – to pay their 2019 income tax liability, including tax on self-employment income.

The COVID-19 pandemic is impacting all sectors of the economy. Businesses and organizations are facing multiple challenges involving potential business interruption, financing needs or workforce concerns. Another major problem to come will surely involve disputes over current contractual relationships.

The COVID-19 pandemic is impacting all sectors of the economy. Businesses and organizations are facing multiple challenges involving potential business interruption, financing needs or workforce concerns. Another major problem to come will surely involve disputes over current contractual relationships.

According to the Centers for Disease Control (CDC), the novel coronavirus virus (COVID-19) has been detected in more than 160 locations internationally, including in the United States. As anyone with a computer or television knows, the number of cases involving person-to-person transmission outside China has been increasing at such a steady rate that the World Health Organization has recently declared the outbreak a pandemic. Each day, the number of confirmed infections rises exponentially. Quite simply, all industries, including retail, hospitality, manufacturing, finance and professional services are suffering and will continue to suffer disruptions not seen in our lifetimes.

UPDATE: The bill continues to go through amendments and we expect more changes in the coming day. Check here for the latest update.

In our blog post back in February, we urged employers to develop and implement a plan to address the impact of a pandemic in the workplace. Since last month, COVID-19 (Coronavirus) has spread across 100 countries with over 120,000 total cases. In the United States, more than 1,000 cases have been reported – a statistic that doubled in recent days.