Corona Virus (COVID-19)

How TDHCD, Inc. is Responding to Coronavirus (COVID-19)

April 27th, 2020 – Round 2 of the Payroll Protection Program Loans begins on this date. Is your company eligible?

On Friday, April, 24, 2020 legislation was passed providing additional funds to replenish a popular small business lending program amid the coronavirus pandemic. The measure includes an additional $310 billion in funding for the Paycheck Protection Program (PPP), $60 billion of which is reserved for community banks and small lenders.  Here is a link to the SBA website to learn more. Many small businesses are eligible including businesses that file a Schedule C with their form 1040 income tax return. The previous funds of $350 billion were depleted in 14 days so don’t delay.  You will need to apply with your banker if you think you may be eligible.  Feel free to contact your TDHCD team member if you have additional questions.

April 21st, 2020 – Stimulus Payment Information & Resources

If you haven’t received your Economic Impact Payment from the IRS, or want to find out if you’re eligible, you can find out here. You’ll find the “Get My Payment” tool here, information for non-filers, and other helpful information about the stimulus payments.
One critical piece of information everyone should know is that if you try to access the “Get My Payment” tool more than once per day, you will be locked out, and possibly unable to access this feature in the future. Therefore, it is advisable that you do not check on your payment status more than once per day.

March 25th, 2020

Dear client and friends:

There has been a lot of legislation passed recently pertaining to income tax filings and tax season. Here are some of the important changes impacting taxpayers:

  • The Treasury department has postponed the tax filing and payment deadlines originally due April 15, 2020 to July 15, 2020. This includes the first quarter 2020 estimated tax installment which is now due July 15, 2020. Please note, the June 15, 2020 second quarter installment due dates have not changed. Failure to file, failure to pay and any interest and penalties are also postponed and do not begin to accrue until July 16, 2020. This includes individuals, trusts, corporations and any other taxpayers with an original April 15, 2020 deadline.
  • Minnesota has followed suit and postponed the tax filing and payment deadline with a few differences. Tax returns originally due April 15, 2020 are now due July 15, 2020. This includes 2019 balance due tax payments which are now due July 15, 2020. Failure to file, failure to pay and any interest or penalties are included in the postponement. Please note, this does not include the first quarter 2020 estimated tax payment which is still due on April 15, 2020.
  • Many states have also extended deadlines. To view the complete list of states that extended their deadlines, please click here.

We at TDHCD are fully operational with many employees working at home remotely to serve your needs and protect their well-being. We will make you aware of future developments as they evolve. TDHCD will continue to offer the best possible service and we wish all of our clients, friends and families the best of health under these challenging and unprecedented times.

Sincerely,

The TDHCD Team

March 17th, 2020

To our clients and friends,

At TDHCD, the well-being of our employees and clients is of the utmost importance. Therefore, we are taking specific precautions to protect our staff and clients/visitors during the current outbreak of Coronavirus. With more confirmed cases being reported daily, we are considering the potential impact and how we can best protect our clients and staff.  In light of the current situation, we are cancelling face to face meeting until further notice. 

Below, we’ve outlined how we are working to minimize potential risk as we work towards April 15th together. 

Electronic and Other Options: We are recommending that we exchange information electronically wherever possible. While having face to face meetings can certainly alleviate stress this time of the year, we can accomplish much with telephone and electronic sharing.  To provide us with documents, you can upload to our client portal, which is available on our website. If you have not yet registered your client portal, contact our administrative staff at 763-545-2353 to assist with setup.  We encourage clients to take advantage of e-signature options and electronic delivery of individual tax returns.  We have other options to accept information securely including the use of an alternative electronic method (ShareFile).  Please contact our office if you need assistance with using ShareFile.  Another option is mailing in your information.  If needed, you still may drop off your information at our front desk area.      

Remote Considerations: Because we take the spread of this virus seriously, we have a plan of action in the event that our physical office needs to close. Should this occur, we want to assure you that we will do our very best to see that the workflow is not disrupted.  We are working diligently to ensure that our employees are able to work remotely for as long as they may need to.

Although our organizer indicates we need all of your tax information to us by March 24, 2020 to ensure your return will be completed by the April 15, 2020 please consider sending your information now.  That way if we need to close our offices your taxes can be worked by our employees remotely.

TDHCD is monitoring this developing situation closely. If any major changes occur, such as the need for an office closure, we will update you immediately with details. Thank you for your patience and trust in TDHCD during these unprecedented circumstances. If you have any questions, please call our office at 763-545-2353.

Sincerely,

Kathy Diaby

Managing Partner, CPA, MBT, CVA