The COVID-19 pandemic has changed how we all operate. At Fox Valley Tax Solutions we are committed to giving you the most up to date and responsive tax service while keeping our clients and staff safe.
Remote Tax Preparation Service
Our tax office at Fox Valley Tax Solutions is reopening to clients starting May 29th, 2020. Our office will be adhering to the guidelines and best practices recommended for Phase 3 of the Restore Illinois plan. We are still encouraging clients to utilize our remote tax services, if possible, to receive tax services. Read more about our remote tax preparation service.
Important Tax News
Changes in tax legislation in response to COVID19 have been unprecedented in size and scope. As usual, our team is on top of the changes and we collaborate frequently to digest the latest interpretations and real-world implications. We encourage our clients to reach out to us if they have any questions on how the changes impact their tax situation.
Filing and Payment deadlines have been extended to July 15th (Read more). For more information, see the IRS Q&A on the delayed deadlines.
Deadlines have also been extended for Illinois and most other states.
The CARES Act
This legislation has provided relief to Individuals and Businesses.
Individuals:
- Expanded unemployment assistance
- Recovery rebates ($1200 per taxpayer / $500 per child) (Read More)
- Special rules for retirement funds and RMD’s (Read More)
- New rules for charitable deductions
- New rules for student loan deferrals and employer payments of loans
Businesses:
- Incentives to retain employees and payroll tax relief
- Expanded use of Net Operating Losses
- Modification of limit on deductible business interest
- Increased ability to expense qualified improvement property
- Increased availability of Small Business Loans (Read More)