“[Living healthy] starts with taking the changes you want and making them things beyond want, beyond desire, to making them a must, something that must happen and it must happen now and there’s no question about it in your life.”
–Tony Robbins
Around the globe people are preparing and facing a very uncertain period of time. The Coronavirus is affecting everything from our health and wellness, to our daily lifestyle and financial security. In the recent weeks, the news and response regarding the Coronavirus has escalated. While the full implications are still unknown, there do appear to be some positive implications given the Government’s response.
Although this has had a major impact on the stock market and has caused much certainty, with this also comes great opportunities. It is important to be aware of the financial implications and how this is affecting tax season.
For example, we’ve seen many company’s capitalizing on opportunities from Coronavirus related contracts, and other services that help people with working remote. Many corporations have seized travel and have employees working from home until further notice, New York in particular.
Financial institutions are aware there will be some losses, however with a strong mental state and an appropriate response, we can massively lessen the damage. This week, the government has signaled billions of dollars in loans (potentially interest free) for businesses that have been negatively affected by coronavirus. ERPS Group will be providing consulting services to help businesses apply for these loans, decide what to spend their money on, and create repayment plan. There may also be direct cash support, we will all know more about this soon.
With regards to taxes, there will be a reduction in payroll tax for someone that is sick up. It has been passed by the House that this will be up to $2,000 per sick employee, we are waiting to this to be passed by the Senate. There may be further payroll tax reductions, holidays, and there have even been signals for permanently removing the payroll tax. In any case, this will require proper planning. As of now, there have been no official change to the Tax Deadlines, however there may be a delay in the filing and or payment of taxes for the 2019 year.
At ERPS Group, we are here to keep you updated as we continue through this together. If you have any questions or want to learn more about the current situation at hand. Contact us today at (347) 462-2778 and you can set up a time to speak with one of our financial experts.
ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.