Multistate: State responses to COVID 19 and the CARES Act

Listen to a brief overview of state tax developments this week, including a Multistate update on COVID-19 and the CARES Act.

Detailed Multistate Development

Recently, the Oregon Department of Revenue adopted a temporary regulation providing that due to the difficultly of obtaining a wet signature as a result of COVID-19, personal income and corporate taxpayers may sign paper returns, statements, or documents through a facsimile method. This method of signature is valid for personal income and corporate tax returns that are due October 15, 2020 and November 15, 2020, respectively.

In other corporate filing news, New Jersey Governor Phil Murphy issued an executive order providing that the due date for filing the 2019 Corporate Business Tax return is extended from October 15, 2020 to November 16, 2020. The Division of Taxation will not impose penalties on any return filed on or before November 16, 2020. Note that prior to this order, the Division announced that it would not impose penalties on returns filed on or before November 16, 2020.

Finally, in New York, Senate Bill 9037A, which was recently introduced in the Senate, would provide an exclusion from individual gross income for loan amounts  forgiven under the federal paycheck protection program. This exclusion would apply to small business owners with an interest in an S corporation or partnership effective on or after January 1, 2020. Please stay tuned to TWIST for additional COVID-19 related developments. 


This Week's Developments

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Featured Speaker

Sarah McGahan

Sarah McGahan

Managing Director, State & Local Tax, KPMG US