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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

Ohio S.B. 310 Loosens Practice Barrier for Advanced Practice Providers

January 14, 2021S.B. 310, signed by Ohio Governor DeWine and effective from December 29, 2020 until May 1, 2021, provides flexibility regarding the regulatorily mandated supervision and collaboration agreements for physician assistants, certified nurse-midwives, clinical nurse specialists and certified nurse practitioners working in a hospital or other health care facility. Originally drafted as a bill to distribute federal COVID funding to local subdivisions, the healthcare related provisions were added to help relieve some of the stresses hospitals and other healthcare facilities are facing during the COVID-19 pandemic.Client Alert

HHS Issues Opinion Regarding Illegal Attempts by Drug Manufacturers to Deny 340B Discounts under Contract Pharmacy Arrangements

January 14, 2021The federal 340B discount drug program is a safety net for many federally qualified health centers, disproportionate share hospitals, and other covered entities. This program allows these providers to obtain discount pricing on drugs which in turn allows the providers to better serve their patient populations and provide their patients with access to vital health care services. Over the years, the 340B program has undergone intense scrutiny, particularly by drug manufacturers who are required by federal law to provide the discounted pricing.Client Alert

S.B. 263 Protects 340B Covered Entities from Predatory Practices in Ohio

January 14, 2021Just before the end of calendar year 2020 and at the end of its two-year legislative session, the Ohio General Assembly passed Senate Bill 263, which prohibits insurance companies and pharmacy benefit managers (“PBMs”) from imposing on 340B Covered Entities discriminatory pricing and other contract terms. This is a win for safety net providers and the people they serve, as 340B savings are crucial to their ability to provide high quality, affordable programs and services to patients.Client Alert

DOL Finalizes New Rule Regarding Independent Contractor Status, But Its Future Is In Jeopardy

January 11, 2021On January 6, 2021, the Department of Labor announced its final rule regarding independent contractor status under the Fair Labor Standards Act. As described in a prior BMD client alert, this new rule was fast-tracked by the Trump administration after its proposal in September 2020. The new rule is set to take effect on March 8, 2021, and contains several key developments related to the "economic reality" test used to determine whether an individual is an independent contractor or an employee under the FLSA.Client Alert

Bankruptcy Law Changes - 2020 Recap And What To Expect In 2021

January 11, 2021In a year of health challenges and financial distress to many individuals and businesses affected by the pandemic, the year 2020 brought some significant changes to the bankruptcy laws. Some of these changes were in place prior to the pandemic; others were a direct response to the pandemic with the goal of helping struggling businesses and individuals. Ahead, we can likely expect further changes to the Bankruptcy Code with the incoming Congress.
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