COVID-19 Information for Individuals

Important Note

The summarized information below is tailored for what we think our clients would find most helpful. It is not the full rules, regulations or terms. This summary information is NOT tax advice and may be missing relevant information to make informed decisions. It's meant to help guide you the appropriate details linked below only. Please consult the details in the related links or contact us to discuss your specifics before relying on the summary information.  We may update this information as we learn more about the programs.   

Individual Stimulus Payments

  • Advance credit on your 2020 taxes paid during the year. 
  • $1,200 per person plus $500 for eligible dependents under 17 years of age
  • US resident with Adjusted Gross Income (AGI) up to $75,000 (Single), $112,500 (HoH) or $150,000 (Married). If your income is above these limits, you may receive a pro-rata share until you reach $99,000 (single), $146,500 (head of household) or $198,000 (married)
  • No action is required to receive the money. 
  • It will be sent out in April/May. 
  • Income is based on your 2019 tax filing, if available, or else 2018 will be used. 
  • This will be treated as an advanced payment on a 2020 tax credit and there will be a "true up" to actual income in connection with your 2020 filing. Another words, if your income changes substantially when you file your 2020 tax return, you could receive the rebate then (if you did not already receive it during the year), or you may owe it back if you then did not qualify. 
  • If you used direct deposit on your tax filing, the money will be directly deposited to your account; otherwise a check will be mailed to your last tax filing address. 

To confirm your payment or provide the IRS additional information such as banking information, use this link:  

More information HERE

Paid Sick & Family Leave

Employers with less than 500 employees must provide up to 2 weeks paid leave to employees. May be a hardship exemption for businesses with fewer than 50 employees for school closings or childcare unavailability if it could jeopardize business as a going concern. Qualifying reasons: 

  1. Quarantine or isolation order- 100% pay for 2 weeks up to $511 per day
  2. Health Care Provider advised self-quarantine- 100% pay for 2 weeks up to $511 per day
  3. Experiencing symptoms and seeking diagnosis- 100% pay for 2 weeks up to $511 per day
  4. Caring for individual subject to (1) or (2) above- 2/3 pay for 2 weeks up to $200 per day
  5. Caring for a child whose school or childcare closed- 2/3 pay for 12 weeks up to $200 per day

  • Employee information posters required to be posted: click HERE
  • Employer Information: click HERE
  • FAQs: click HERE

Retirement plan withdrawals

You can take a retirement plan distribution up to $100,000 without penalty. It IS still subject to income tax; however, that tax can be spread over three years. The money can also re-contributed back into the plan to avoid the tax within three years without regard for the annual contribution limits.  

Exclusion of employment student loan payments

Employer may contribute up to $5,250 annually toward an employee's student loans without the employee having to pay tax on it. 

Charitable Contributions

Will be able to be deducted on your Federal Return in 2020 even if you are not itemizing up to $300. 

Federal Unemployment Supplement

The Federal government may supplement state unemployment payments up to an additional $600 per week as well as include self-employed, independent contractors, etc. for up to four months.  In some cases, with this added payment, you may receive more in unemployment than your normal paycheck. Senator Whitehouse noted the break-even salary point was $62,500. 

State Unemployment

Most waiting periods have been waived. Covering more than usual such as independent contractors and self-employed. States encouraging everyone out of work to apply immediately.  

Tax Filing & Payment Deadlines

Individual taxes due April 15th have been extended until July 15th.

We urge you to bring in your information as soon as possible and not wait until July.  

No additional interest or penalties will accrue on income taxes for balances due between April 15 and July 15

IRA and HSA contributions are not due until July 15th

Quarterly Estimated  Tax Payments will be due for tax year 2020 as follows:  7/15, 9/15, 1/15/21


(RI) Mortgage Relief

Deferral of payments for 90 days without impact on credit reporting from certain RI banks 

More info and participating banks HERE