July 2, 2020
COVID-19 Government Relations Daily Summary
The timely information that appears below are "Quick Takes" of topical areas that may be of interest to you and your clients. Happy 4th of July from the Illinois CPA Society.
STATE AND LOCAL UPDATES
Illinois Employment Laws Taking Effect July 1, 2020
The State of Illinois and the City of Chicago have enacted several employment laws that took effect on July 1, 2020. Employers with employees in Illinois and/or Chicago should be aware of new legal obligations to ensure compliance. See summary of requirements.
Department of Commerce and Economic Opportunity
Local Coronavirus Urgent Remediation Emergency (Local CURE) Support Program
Governor Pritzker and the Department of Commerce and Economic Opportunity announced the state will expedite a portion of the Coronavirus Urgent Remediation Emergency (Local CURE) Support Program. The State will take steps to deploy $250 million to local governments in the near future. These funds will assist local governments secure reimbursement on eligible costs associated with the emergency response to the ongoing COVID-19 Crisis. Starting in July, local government will be able to make their claims and receive reimbursement on eligible expenses. See DECO CURE.
Congress Passes PPP Extension Bill
On July 1, 2020, the U.S. House of Representatives passed legislation to extend the deadline for applying for loans under the Paycheck Protection Program from June 30th to August 8, 2020. The Senate previously passed the legislation which now goes to the President. See S. 4116.
Department of the Treasury
Taxpayers Should File by July 15th Deadline
The Department of the Treasury and the Internal Revenue Service announced that tax filing and payment deadlines of July 15th will not be extended. Individual taxpayers unable to meet the July 15th due date can request an automatic extension of time to file until Oct. 15th. Taxpayers filing Form 1040 returns must file Form 4868 by July 15th to obtain an extension to October 15th. The extension provides for additional time to file the tax return—it is not an extension to pay any taxes due. See IRS Release.
IRS Updates FAQs
Deferral of Employment Tax Deposits, Payments
The IRS recently updated a list of FAQs concerning the deferral of employment tax deposits and payments through 12.31. The CARES Act allows employers to defer the deposit and payment of the employer’s share of social security taxes and self-employed individuals to defer payment of certain self-employment taxes. See updated FAQs #(s) 1, 3, 4 and 5.
ICPAS GOVERNMENT RELATIONS DAILY SUMMARY LIBRARY AND COVID-19 EXECUTIVE ORDER SUMMARY--HERE--