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IRS Announces Coronavirus Relief

Client Alert
March 19, 2020

On March 18, the IRS released Notice 2020-17, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic which sets forth the scope of the relief being granted taxpayers.

What Has Been Extended

The Notice provides for the extension of payment of up to $1 Million on the balance due on 2019 individual returns (Form 1040) and trust and estate returns (Form 1041) until July 15, 2020. It also provides for the extension of time to make the first federal estimated payment until July 15, 2020. Under both circumstances, there will be no penalty or interest assessed; provided payment is made by the July date. It has been explicitly stated that interest and penalty will begin to be calculated and imposed effective July 16, 2020.

C corporations and consolidated groups whose returns are due on April 15, 2020, have also received an extension to make payments while avoiding the imposition of penalty and interest until July 15, 2020. Each C corporation that is not part of a consolidated group will be able to defer the payment of up to $10 Million on the balance due on 2019 corporate returns. Each consolidated group will be able to defer the payment of tax due up to $10 Million. Submission of any estimated payments due on April 15, 2020, has been extended as well. As with individuals, interest and penalties will begin to be charged effective July 16, 2020.

What Has Not Been Extended

Most importantly, the filing deadline has not been extended. All returns must be filed or extended by April 15, 2020. While there is no form that is required to receive the payment relief set forth above, they have not waived the penalty and interest for failure to timely file your returns.

Additionally, note that this extension applies only to federal INCOME taxes. That means if you owe any other type of tax (most notably, I point out that first quarter payroll taxes are due April 30, 2020), you still must file those returns and pay the taxes on time. Penalty and interest will be assessed from the normal due date.

What We Still Don’t Know

At this point, we still have not received any guidance from the State of Ohio or any city about the filing and payment deadlines for any taxes due.

As always, we will continue to update you with any changes. For more information, please contact BMD Business, Corporate & Tax Member, Priscilla Grant at pagrant@bmdllc.com or 330-253-5934.

IRScoronavirustax reliefPriscilla Grant
Client Alert

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Ohio Medical Board Releases New Telehealth Rules

February 23, 2023On Tuesday, February 21, 2023, the State Medical Board of Ohio released its final telehealth rules to implement Ohio’s telehealth statute (O.R.C. 4743.09) for physicians, physician assistants, dieticians, respiratory care professionals and genetic counselors. Ohio’s advanced practice registered nurses (“APRNs”) should also take note of these rules. While the Medical Board does not govern APRNs directly, those APRNs who are required to have a collaborating physician and standard care arrangement (namely nurse practitioners, certified nurse midwives, and clinical nurse specialists) are still affected by the rules. Generally, if an APRN’s collaborating physician is limited in their practice, then the APRN will also be limited.Client Alert

The End of the Public Health Emergency is (Finally) Here

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Multi-340B Contract Pharmacy Locations on the Brink? The Third Circuit’s Ruling Gives a Hint.

February 17, 2023The 340B drug discount program requires pharmaceutical manufacturers to offer to sell their products at significant discounts to safety net providers called “covered entities.” In 1996, the Health Resources and Services Administration (HRSA) issued guidance authorizing covered entities to enter into a contract pharmacy arrangement with a single third-party contract pharmacy, to which the manufacturer would ship 340B medications but bill the covered entity. In 2010, HRSA issued revised guidance permitting covered entities to enter into an unlimited number of contract pharmacy arrangements.
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