COVID-19 | Apex Tax Advisors

COVID RESOURCE

Updated 11/1/2020

Online Financial Resources to Help You Navigate this Difficult Time

While Apex is well known for offering superior tax preparation

services, tax prep is not all we do. Income tax preparation is

among a full suite of services to help the residents of

Moorestown, Cherryhill, Haddonfield, and the surrounding

communities with their financial advisory needs.

Whether you are planning for retirement, changing

employments, estate planning, or general consultation,

Apex is here for you!

Below is a list of online financial resources organized

by topic to be a help to you during the COVID-19 crisis.

Once you've utilized these resources, please don’t

hesitate to call or email the office if you have any questions.

Note: The following is not legal advice. Please consult a lawyer or your financial advisor to discuss your specific situation.

STIMULUS PAYMENTS

This is the only way to check the status of your stimulus payment and enter direct deposit information. https://www.irs.gov/coronavirus/economic-impact-payments

FINANCIAL PLANNING DURING CORONAVIRUS

TAXES AND CORONAVIRUS

The IRS extended the federal tax filing and payment deadlines to July 15 because of COVID-19. For the latest, see irs.gov/coronavirus.
The 2019 IRA contribution deadline has also been extended to July 15, 2020.
Individual taxpayers are eligible to request a six-month filing extension. However, if you’re expecting a refund you should file your tax return ASAP. See IRS resources for forms and directions on how to file for an extension.

RETIREMENT ACCOUNT RULES DURING THE CORONAVIRUS

Contributions to IRAs for the 2019 tax year have been extended to July 15. Just be sure to indicate that your deposit is for 2019 in your account or your IRA custodian may attribute it to the 2020 tax year.
Required minimum distributions (RMDs) from IRAs and workplace savings accounts (e.g. 401(k)s) have been suspended for the 2020 calendar year.
The IRS is also waiving the 10% early withdrawal penalty for those who need to tap an IRA or workplace retirement account because of the outbreak. The waiver applies to withdrawals up to $100,000. You’ll still owe income taxes, but you’re allowed to spread out those payments over three years. The clock starts the day you take the distribution.
The new Coronavirus relief bill also has some new provisions for those borrowing money from a 401(k) or other workplace account: It allows loans of up to $100,000, even if that amount is more than half of your balance, for 180 days after the bill is passed. If you have a previous retirement account loan that’s coming due before Dec. 31, you have an extra year to finish repaying it.
Please discuss the best course of action with your financial advisor.

CORONAVIRUS RESOURCES FOR UNEMPLOYMENT

Unemployment FAQ’s for New Jersey
Filing for unemployment benefits per state at the U.S. Department of Labor’s (DOL) CareerOneStop site.
Instructions on how to apply for benefits.
Department of Labor’s local and regional employment programs and services per state.
What NJ Workers Need to Know about the Families First Coronavirus Response Act.

HELP FOR HOSPITALITY BUSINESSES AND WORKERS

CORE: Children of Restaurant Employees is dedicated to serving food and beverage service employees with children.
OFW Emergency Fund - Providing free, cash assistance to restaurant workers, delivery drivers and other tipped workers and service workers.
The United States Bartenders’ Guild’s national charity foundation has set up a Bartender Emergency Assistance Program
$500 Relief Grant from Another Round Another Rally for anyone in the hospitality industry, dishwasher, bartender, server, busser, chef, cook, sommelier, manager, host, concierge, cleaning staff, or barback.
Restaurant Workers COVID19 Crisis Relief Fund
Dining Bond Initiative - Gift certificate program to help restaurants raise funds now and keep customers after the crisis.

STUDENT LOAN RELIEF DURING THE COVID-19 CRISIS

CAR LOAN PAYMENTS

If your finances have been affected by COVID-19, your auto loan lender may offer payment or debt relief, such as deferred payments or waived late fees. This article from Credit Karma contains information from many major lenders so you can find out what help they may be offering and how to get it.

CAR BUYING

What offers Car Companies are providing if you need to buy a vehicle in the next few weeks and months.

CREDIT CARDS AND COVID-19

Major Credit Card companies have specific pages on their websites dedicated to helping their customers who may be financially impacted by the Coronavirus. You need to contact them first to make arrangements and follow their specific procedures to make sure you aren’t penalized for missing a payment.

DEBT COLLECTION

Proposed New Jersey COVID-19 Relief Bill Aims To Curb Debt Collection Activities

SMALL BUSINESSES OWNER CORONAVIRUS RESOURCES

The U.S. Small Business Administration (SBA) has streamlined the disaster loan application process for eligible small businesses, private nonprofits, homeowners and renters.
Find local assistance from your state’s Small Business Administration.
The U.S. Chamber of Commerce has a Coronavirus Small Business Guide for those small businesses being affected by COVID-19.
New Jersey Chamber of Commerce Directory

CORONAVIRUS RESOURCES FOR UTILITIES

Check with your local utilities to see what provisions they are making for those financially impacted by the virus. Most of them have a notice or link on their home page. Below are just a few:
https://amwater.com/njaw/
https://nj.pseg.com/safetyandreliability/safetytips/coronavirus
https://www.verizon.com/about/news/our-response-coronavirus
https://www.xfinity.com/prepare

MORTGAGE & RENT PAYMENTS AND CORONAVIRUS

Mortgage help is available during the coronavirus pandemic, but what’s offered can vary. CNBC Article
HUD Approved Housing Counseling Agencies
Homeownership Preservation Foundation
Bankrate’s explainer on mortgage forbearance and other ways to catch up on payments.
Directory of Rental Assistance Agencies and Organizations that will help you pay your rent. Some listings are government organizations other are non-profits and charities that offer rental assistance programs.