Heads up to small business entrepreneurs, SBA and other emergency financing options may be more readily available to you with 2019 tax returns completed so you may want to get them done ASAP if you haven't already.
> <i>Treasury Secretary Mnuchin announces decision in tweet</i><p>Crazy how these announcements are done via tweet. It would be nice to have something formal listed on their website.<p>Looking at their home page <a href="https://www.irs.gov" rel="nofollow">https://www.irs.gov</a> it still says "File Your Tax Return - Tax deadline is April 15,2020".<p>Edit: Am I going crazy? The article used to say it was published on the 17th.
Thank god. My parents have a smallish accounting firm, and were so worried about still having to file. Things need to hold for that as well. The worry about employees coming in to the office and clients as well. They want to just close the office for two weeks and hold up with this all, as is the case everywhere.<p>Still though, they're both very worried about clients calling in and still expecting their taxes to be filed which cases like this have happened in the past. For example, one didn't want to come to their office, and said they should FedEx the filing already, which means someone is going to have to stand in line with others at a FedEx store, which is absolutely not something to be doing now, no matter how spaced out the line is.<p>This leaves the question of what they're supposed to do, because I'm sure there are clients with the attitude of this virus being overblown. And won't be happy if my parents come off as weak for not working. Obviously they should, but how much the client comes first is constantly an issue, especially now.
I wonder about the Roth IRA deadline, since some people aren't sure whether they're above the cutoff until they do at least some of the calculations.
I was really counting on launching a startup this year. It's R&D heavy, and the timing is (was) just right for product/market fit.<p>I bought a lot of equipment last year and started writing the software. I want to hire folks and do fundraising, but this seems like a really bad time for VC investment.<p>Could I get a small business loan in this environment? Are there any subsidies?
The announcement from the IRS can be found here:<p><a href="https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020" rel="nofollow">https://www.irs.gov/newsroom/payment-deadline-extended-to-ju...</a>
Many small businesses already had to file by March 16. And even if they filed for "extensions", payments of all taxes was due then.<p>Secretary Mnuchin wasn't telling the truth when he said "All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."<p>I had to take a risk to visit CPA and prepare taxes by the March 16th deadline, and so did nearly every other small business in America.<p>(California has a payment deadline of December 31st for businesses!)
Everyone here should be extremely nervous about the future of our country. Congress and the President are seriously considering helicopter money, which will ruin the dollar and send us into hyperinflation. It’s not rooted in reality. Who are we borrowing from? The surplus nations of the world will divert their surpluses domestically due to COVID-19, not by buying US treasuries and holding onto dollars. The only reason the dollar is going up is due to people trying to get out of dollar denominated assets.<p>If anyone here wants to get ahead of this, please at least consider buying silver. The dollar will become worthless.