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Local CPA gives info on tax changes caused by coronavirus response

We all know tax day as April 15, but with coronavirus impacting numerous operations, the deadline has been pushed back.

CPA and partner at Straley, Lamp and Kraenzlein, Bernie Lamp says that federal and state deadlines have been pushed into the summer.

“On Friday the Governor issued an executive order changing the changing the city, state, filing requirements to July 15. Any tax returns and tax payments that would otherwise be due on April 15 have been extended to July 15.”

with the stimulus package that was recently approved by the federal government, taxpayers can now expect to see some additional funds in response to combat the economic downturn caused by the virus.

“The bill that was just recently signed is called the Corona Aid Relief and Economic Security act. In short it’s called the CARES act. It implements some unemployment insurance and tax provisions. Most notably is that the CARES act will allow a credit for 2020 to eligible individuals.”

Those who filed an individual return are expected to receive a $1,200 credit, and those filing jointly will receive a $2,4000  credit with an additional $500 per dependent. There will also be resources available for small businesses and those seeking unemployment.

The best course of action if you want to learn more about tax season and coronavirus is to visit the State of Michigan or IRS website.
There, you’ll find info on quarterly estimates, further details about deadlines, and any other information you’ll need regarding taxes and resources.