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U.S. Treasury Secretary Announces Some Relief for Taxpayers Due to Coronavirus

Client Alert
March 18, 2020

In an unprecedented move, U.S. Treasury Secretary, Steve Mnuchin, has announced some limited relief for taxpayers in light of the Coronavirus pandemic.

What It Is

The relief provides some individuals and corporations an extension of time for the payment of their 2019 taxes. An individual who owes up to $1 Million and a corporation that owes up to $10 Million may have an additional 90 days to pay their 2019 taxes without incurring any interest or penalty for late payment. The relief is automatic says Mnuchin, requiring only that you file your tax return.

What It Is Not

This is not an extension of time to file your tax return. Individuals and C corporations must file their return or file for an extension by the April 15, 2020 filing deadline.

What We Don’t Know

The one thing that was not commented on is if there will be an extension of the due date for the first quarter estimated tax payment. Typically, individuals who are required to make estimated payments must make their first payment by April 15. Hopefully, guidance on this will be issued in the coming days.

State of Ohio

At this time, the State of Ohio has not issued any statement about extending either the due date or payment date for Ohio income taxes. The Ohio Society of Certified Public Accountants has written a letter to the governor requesting that an extension be put in place and we are currently awaiting a response.

This information is all based on the press conference at which Mnuchin spoke today. No formal guidance or announcements have come from the IRS at this time. We will continue to update you on any changes as guidance becomes available.

irstax reliefcoronavirusPriscilla Grant
Client Alert

NLRB Issues Final Rule on Joint-Employer Status

November 20, 2023On October 26, 2023, the National Labor Relations Board (NLRB) issued its final rule on determining joint-employer status, departing from its prior 2020 standard. The final rule provides that two or more entities may be considered “joint employers” if each entity has an employment relationship with employees and if the entities share or codetermine one or more employees’ essential terms and conditions of employment. The final rule goes into effect on December 26, 2023, and will only be applied to cases filed after the effective date.Client Alert, Multimedia

WEBINAR SERIES RECAP | Employment & Labor

November 15, 2023BMD Partner and Co-Chair of the Employment & Labor Law Group, Bryan Meek, presented this four-part webinar series on trending topics in employment law.Client Alert

Ohio Legalizes Recreational Marijuana; What’s Next for Ohio Employers?

November 8, 2023Client Alert

Recent Changes to the No Surprises Act’s Federal IDR Process

November 8, 2023Proposed changes to the No Surprises Act’s independent dispute resolution (IDR) process were recently issued by the Department of Health and Human Services, Department of Labor, Department of Treasury, and the Office of Personnel Management. The October 27, 2023, proposed rule overhauls the current Federal IDR process in an effort to create efficiencies and reduce delays relating to eligibility determinations and address feedback from interested parties and certified IDR entities.Client Alert

What Inpatient Behavioral Health Providers Need to Know About ODM's New Draft Rule for Reimbursements

November 8, 2023Ohio Department of Medicaid (ODM) recently released a draft rule that will transform how inpatient behavioral health services are reimbursed for some hospitals. ODM will migrate inpatient payments for behavioral health and substance use disorder services (BH/SUD) provided by freestanding psychiatric hospitals (FSPs) from the APR-DRG payment methodology to a per diem payment methodology derived from the APR-DRG system.
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