NSA Update 3/17/2020

By James Crawford posted 21 days ago

Life is changing rapidly. The impact of the coronavirus is being felt everywhere. NSA is going to help you stay on top of things.

Tax Deadline Extensions

As you may already know, Secretary Mnuchin announced at today's White House news conference that while the tax deadline of April 15th hasn't changed, that people who owe (or will owe) taxes have 90-days to pay. No interest or other penalties will be assessed during the 90-day period.

Some media outlets have reported that there is both a 90-day payment deferral and a 90-day extension to file, and others have only reported the deferral as did we. NSA expects that the Treasury Department and the IRS will clarify this question in the near future.
On a separate note, earlier today U.S. Senator Ben Sasse has sent a letter to Treasury Secretary Mnuchin stressing the need for a tax deadline extension. This letter from Senator Sasse adds another voice, alongside NSA's, requesting help for American citizens during this difficult time.

Economic Stimulus
The U.S. House of Representatives passed an economic relief plan aimed at helping small businesses. It is expected to pass in the Senate as well. See this brief article from Accounting Today. Download the text of the Families First Corona Virus Response Act here.
Politico is reporting that the President and Senate may consolidate the House stimulus package with President Trump's request for $850 billion in aid. There is also speculation that the aid package may reach $1 trillion or more.

Other News
Axios has reported on the closings and restrictions due to the spread of the virus.
The White House published the Corona Virus Guidelines for America on March 16, 2020. We suggest you review it and share it with your community.
Will there be a Federal lockdown? According to the White House, it's a rumor and there is no such plan.


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