COVID-19 UPDATES
news and resources for INDIVIDUALS
The spread of COVID-19 is affecting each of us and our sense of what we consider normal is changing every day. AHP will continue to update this page as news becomes available that will affect your personal financial matters.
12/28/2020 - Pandemic Relief Package for Individuals and Businesses Signed by President Trump
Congress has passed new stimulus relief legislation which contains multiple provisions to help taxpayers, including individuals and businesses. The President signed this legislation yesterday after almost a week of uncertainty about whether he would or would not sign it. After review and analysis of the new legislation, this article highlights what we believe will be of most interest.
8/18/2020 - Deferring Payroll Tax Obligations in Light of President Trump’s Executive Actions
On Saturday, August 8, 2020, the President issued four executive actions to provide relief from the economic strains caused by COVID-19. Of these four directives, one was an order and the other three were memorandums. This article focuses on the deferment of taxes but gives a brief overview of the other three directives as well.
6/4/2020 - As Summer Approaches, So are Tax Deadlines
Heading into June, many of us are excited about warmer weather and our economy opening back up. For the majority of us, it is not the time of year that we are typically concerned with taxes. We understand. It is unusual for us as well.
5/7/20 - Governor Whitmer Extends Stay Home, Stay Safe Order and Releases Details on MI Safe Start Plan
Earlier today, Governor Gretchen Whitmer announced the extension of Michigan’s Stay Home, Stay Safe order through May 28th. She then released details on the phased approach of the MI Safe Start Plan, a plan to re-engage Michigan’s economy. Michigan is in phase three.
4/14/20 - Self-Employed Workers, Gig Workers, 1099-Independent Contractors and Low-Wage Workers Can Now Apply for Federal Benefits
Workers need to use the UIA’s daily filing schedule based on their last names. Lean more about the COVID-19 CARES Act. The UIA assures every eligible worker in Michigan who applies for unemployment benefits that they will receive them. The UIA will be accepting claims and benefit applications back-dated to reflect the date on which the claimant was laid-off due to COVID-19, beyond the previously established 28-day period ($600 federal payment is only retroactive back to week ending April 4, 2020).
4/13/2020 - Additional Tax Extensions Announced Due to Coronavirus
On Thursday, April 9th, the US Department of Treasury and IRS expanded upon its previously announced tax filing and payment extensions.
4/2/2020 - Changes in Unemployment Benefits for Michigan Workers
In the wake of the Coronavirus Aid, Relief, and Economic Security (CARES) Act being signed into law, Governor Whitmer signed an agreement between Michigan and the U.S. Dept. of Labor to implement Pandemic Unemployment Assistance and Compensation programs. This article includes details on the agreement and the new unemployment filing schedule.
3/30/2020 - CARES Act Provides Relief for Individuals and Businesses Negatively Impacted by COVID-19
President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law on Friday, March 27, 2020. The purpose of the CARES Act is to provide relief for individuals and businesses who have been negatively impacted by the COVID-19 pandemic.
Updated 3/29/20 - Federal and State Tax Filing Deadline Moved to July 15
On Friday, March 20th, Treasury Secretary Steven Mnuchin announced that the federal tax filing deadline would be moved from April 15th to July 15th. Information on other states can be found at the AICPA’s website. Click here for a downloadable chart.
3/20/20 - Treasury: Michiganders Unemployed Due to COVID-19 Eligible for Collections Assistance
With the COVID-19 pandemic affecting the state’s workforce, the Michigan Department of Treasury is offering collections assistance to newly unemployed Michiganders currently paying on past-due state tax debts or other state debts. Effective immediately, individuals who have been laid off or had their place of employment closed due to COVID-19 should reach out to see what options are available. To receive assistance, individuals are encouraged to contact Treasury’s Collections Service Center at 517-636-5265.
3/17/20 - Tax Payment Deferment Until July 15, 2020
On March 17th, Treasury Secretary Steven Mnuchin announced that taxpayers will receive an extra 90 days to pay their federal taxes due to the coronavirus pandemic. This doesn’t delay the filing deadline, only the payment. To file after April 15th, taxpayers will need to file an extension. This relief also applies to the first quarter 2020 estimated payments with a deadline of April 15, 2020.
Each state is to determine how they will handle tax filings and payments. Michigan has chosen to follow the IRS’s approach, allowing 90 additional days to pay income taxes owed, but keeping the filing deadline of April 15th.
Additional Resources:
AHP's Tax Filing and Payment Deadline Chart
Centers for Disease Control and Prevention (CDC)
Raymond James’ Volatility and Coronavirus Resources
World Health Organization (WHO)
