COVID-19 Resource Center
Maze is committed to helping you amid news about COVID-19 and during increased market volatility and we’re taking extra steps to be responsive to all your tax needs. We’ve established this resource center for you to access expert insights, other online resources, and to get answers to your questions.
Congress has based 3 legislative bills aimed at mitigating the economic impact of COVID-19 and put money into the economy:
- Tax filing deadline pushed to July 15
- Required minimum distributions (RMD) for some retirement accounts have been waived for 2020
- The 10% early withdrawal penalty on distributions from 401ks and Individual Retirement Accounts has been waived. You can withdraw and elect to pay taxes over a 3 year period
- Paid sick and family leave available for more workers
- Unemployed insurance has been expanded
- Tax credits for the self-employed may be available
- Federal student loan payments, in interest waived for 2020
- Certain businesses have a refundable payroll tax credit for 50% of qualified wages paid to employees.
- The CARES Act establishes a Paycheck Protection Program to provided small business with the capital they need to keep workers employed. You need to apply thru existing SBA lender. Ask us how.