Business & Entrepreneurship
COVID-19 Tax Resources
IRS extends tax filing deadline
The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.
The State of Arkansas has also extended the deadline to coincide with the Federal deadline of May 17, 2021.
Tax breaks available to businesses
Coronavirus Tax Relief for Businesses and Tax-Exempt Entities
- Employee Retention Credit Available for Many Businesses Financially Impacted by COVID-19
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. You can get immediate access to the credit by reducing the employment tax deposits you are otherwise required to make. Also, if your employment tax deposits are not sufficient to cover the credit, you may get an advance payment from the IRS.
Get details on the retention credit - Coronavirus-Related Paid Leave for Workers and Tax Credits for Small- and Mid-Size
Businesses
The Families First Coronavirus Response Act (PDF) gives all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members. - If you're a small business owner who provides your employees family and medical leave,
check out the IRS employer credit for paid family and medical leave. This business
tax credit has been extended until December 31, 2020.
Learn more about the credit
Get details on paid leave for employees
- IRS Accepting Fax Claims for net operating loss (NOL) refunds and alternative minimum tax (AMT) Credits
Learn more about this temporary procedure
Stimulus Payment Information
- UAEX Myth Busting
- Myth busting 2020 Economic Impact Payments
- What You Need to Know About Tax Return Deadlines and Federal Stimulus Funds
Additional Tax Resources
- Warning to tax professionals
- UAEX Money Blog
- University of Illinois CARES Act webinar recording
- Paycheck Protection Program Flexibility Act U of I Blog Post