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Cornelius News

New unemployment rules help those suddenly out of work

March 18. Many of us are suddenly out of work. The governor’s order yesterday will help you, as well as those who are still employed, by making them eligible for benefits:

+It removes the one-week waiting period to apply for unemployment payment for those workers who lose their jobs;

+It removes the requirement that a person must be actively looking for another job during this time when many potential employers are closed and social distancing guidelines are in effect.

+It allows employees who lose their jobs or, in certain cases have their hours reduced due to Covid-19 to apply for unemployment benefits.

+It directs that employers will not be held responsible for benefits paid as a direct result of these COVID-19 claims.

+It waives the requirement that people must apply for benefits in person; workers can apply for benefits online or by phone.

The full executive order is available here.

Meanwhile, Treasury Secretary Steven Mnuchin said Tuesday that taxpayers can delay paying their income taxes on as much as $1 million in taxes owed for up to 90 days.

Ordinarily, individual income taxpayers must submit their 2019 tax returns and pay amounts owed by April 15. The postponement on payments applies to federal returns.

Advice around your taxes is always a good idea. Here’s what we can share, courtesy of Donna Moffett, owner of an accounting firm in Cornelius:

++Mnuchin’s statement did not extend the tax filing due date. For individuals the filing date, generally, is April 15. But they can get an automatic extension to file till October 15 by, for example, filing Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.

++Many details remain unclear with respect to this relief, and no official written guidance has been released as of the time we went to press.

Bank of America has announced:

It is committing $100 million to support local communities in need as we face unprecedented challenges from the coronavirus. The funds will help increase medical response capacity, address food insecurity, increase access to learning as a result of school closures, and provide support to the world’s most vulnerable populations.

“We must all work together as one global community – public and private sectors, as well as individuals – to address this healthcare and humanitarian crisis,” said Brian Moynihan, chairman and CEO of Bank of America.

The majority of Bank of America’s funds will be distributed on the ground in local markets, focused on both immediate needs facing local communities and providing ongoing support in the months ahead. The company will also increase funding to several national and global organizations that are on the front lines, tackling the most pressing issues in local communities.

*We hope to provide more information on this development, later today.