Comptroller Franchot Speaks on Economic Impact of COVID-19 Outbreak
The state mandated Executive Order that has been put in place requires social distancing to limit the spread of the novel coronavirus. As a result, several small businesses have been required limit their hours, while some have had to close their doors completely until further notice. This pandemic is impacting not only businesses but individuals as well.
Comptroller Peter Franchot says although the health and safety of all residents is the top priority, there’s a lot we can do to to prepare for the economic impact of COVID-19.
“All indications are that we remain in the early stages of this public health crisis and the situation will worsen,” Comptroller Franchot said on his website. “With restaurants and retailers already being forced to scale back or close, employees being laid off or having their hours curtailed and small business owners facing financial ruin or drastically altered financial outlooks, it’s already clear that the economic impact will be severe.”
MyMCMedia spoke by phone to Franchot about tax filing deadlines, COVID-19’s economic impact, what’s being done to support small businesses and how to handle your money during the coronavirus crisis.
Taxpayers with any questions about the status of a tax preparer, or to report possible illegal or unethical conduct, should email the Comptroller’s Office at taxhelp@marylandtaxes.gov. An updated list of blocked tax preparers is available at www.marylandtaxes.gov under the “Security” tab.
According to a press release, the Comptroller’s Office has taken several actions to support small businesses, including:
- Conforming with the Internal Revenue Service’s 90-day extension of federal income tax payments from April 15 to July 15, 2020. Maryland individual and corporate income taxpayers will be afforded the same relief for state income tax payments. No interest or penalty for late payments will be imposed if 2019 tax payments are made by July 15, 2020.
- Extending business-related tax filing deadlines. The June 1 extension applies to certain business returns with due dates during the months of March, April and May 2020 for businesses filing sales and use, withholding, admissions & amusement, alcohol, tobacco, and motor fuel taxes, as well as tire recycling fee and bay restoration fee returns. Business taxpayers who file and pay by June 1, 2020 will receive an automatic waiver of interest and penalties.
- Suspending enforcement of limits imposed on customers purchasing beer and distilled spirits from Maryland-based craft breweries and distilleries for carryout and off-premise consumption
- Working with the Governor’s Office on an Executive Order that allows restaurants, bars, breweries, wineries, distilleries and other licensed alcohol manufacturers to deliver off-premises, which includes home deliveries.
- Urging Governor Hogan and the General Assembly to use at least $500 million from the State’s Rainy Day Fund for small business relief.
- Compiling a daily updated list of restaurants, bars and related businesses(organized by county) offering takeout or delivery service and encouraging Marylanders to order from these establishments to the extent possible.
🚨 REMINDER 🚨
➡️ Individual filing + payment deadlines have been extended to July 15
➡️ Business-related filing + payment deadlines extended to June 1
➡️ Businesses who paid their March Sales and Use Taxes may request a refundQuestions? TaxHelp@MarylandTaxes.gov pic.twitter.com/o11oYkU37J
— Comptroller Peter Franchot (@peterfranchot) March 25, 2020
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