|
New law provides some relief and requires businesses with 50-500 employees to offer Sick Pay to employees AND also offers tax credits to self-employed people that will act as Sick Pay.
For the Self Employed, the rules look to say that you need to keep documentation of how you are affected and for how many days. There is a maximum $200/day if you are forced to stay home to care for family and are unable to work. It is a maximum of $511/day if you are on leave due to one of the following:
- Subject to federal, state or local quarantine or isolation order,
- advised by health care provider to self quarantine,
- experiencing symptoms of COVID-19 and seeking medical diagnosis.
WHAT YOU SHOULD DO NOW:
- Stay home and stay safe,
- Keep documentation of how you are affected; we'll learn/share more later, but keep records now!
- If you are self employed and unable to work, skip the 4/15 payment as you'll most likely get a tax credit (plus you're not earning money so tax due is much less)
See links below for more information before emailing your tax preparer. This is so new and we are so busy that we don't have many answers at this time. Our best answer is what I just said above: stay home, keep documentation and don't stress about upcoming tax payments. We'll send more information as we receive it.
Click here for really good Forbes article with Summary and FAQ.
Click here for Full Law.
|
