Families First Coronavirus Response Act

The Treasury Secretary, Steve Mnuchin communicated that the filing deadline will be extended for all taxpayers to July 15th.  This replaces the previous communications that individual taxpayers could defer up to $1,000,000 of tax and corporations could defer up to $10,000,000 of tax to July 15th, without providing a true extension of the filing deadline.

In addition, the President has signed the Families First Coronavirus Response Act into law.

The act will provide billions of dollars to fund various programs for health and economic issues related to the Coronavirus outbreak.

Among the provisions of the act, mandated paid emergency sick leave and paid family medical leave are available for many Americans. To offset the paid wages requirement under this program, the act provides a tax credit to employers.

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