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The COVID-19 pandemic has created a number of challenges for individuals and businesses across the country, including here in Illinois. Due to the sudden increase in layoffs as well as unexpected unpaid sick leave, many individuals and small businesses are being negatively affected. To help combat the economic consequences facing millions of people in Illinois, the state is offering help in multiple ways. Illinois State Tax Deadline Extension Illinois has extended the due date for filing 2019 taxes by 90 days. The deadline is now July 15, 2020. This applies to both individuals and businesses who still need to file. The federal tax filing deadline has also been extended until July 15, 2020. Individuals and businesses have until then to file their taxes, without penalty. Individual city tax deadlines may differ. State Help for Small Businesses in Illinois The state has prepared a Small Business Emergency Loan Fund, which was created to help small businesses with fewer than 50 employees and total revenues for 2019 under $3 million. The fund has made $60 million available to those small businesses that qualify. Each small business can apply for up to $50,000 and can expect a low interest rate. Small businesses can apply for a loan on the Department of Commerce and Economic Opportunity’s website. The state of Illinois has also announced a variety of other aid for residents, including an expansion for unemployment insurance, the delaying of evictions, a suspension of utility shutoffs and penalties, and more. At Evolve, we are here for your business through all financial challenges – including economic uncertainty. We offer consultation services and are here to assist you in applying for funds and grants issued by Illinois. Contact us by phone [...]

The COVID-19 pandemic has created much uncertainty and many consequences for small businesses. From having to close storefront locations to potential layoffs and more, small businesses are facing significant changes and hardships. Because of this, the government has crafted and passed a plan to provide some much-needed assistance in the form of a $2 trillion relief package. A large percentage of this package will go toward supporting small businesses with 500 employees or fewer. The relief package is composed of a number of different programs to help keep the economy stimulated, and small businesses running. For small businesses currently experiencing negative effects of the pandemic, the biggest factor in the plan is the “Paycheck Protection Loans” initiative. This $350 billion loan program is an effort to help small businesses retain their employees, while still being able to afford daily obligations. The main goal of providing these loans to small businesses is to ensure employees are continuing to receive a regular paycheck. If an employer is able to keep their employees on their payroll through June 2020, the amount loaned to them for costs that meet the set eligibility requirements would be forgiven. However, if there are layoffs or reductions in pay during this period, the total of the forgiven portion of the loan would be reduced. A small business can apply for up to $10 million of relief through this loan, and the money can be used to cover up to two-and-a-half months of payroll, as well as other expenses that include rent, utilities, and existing debt. “Paycheck Protection Loans” will have a low interest rate of no more than 4%. At Evolve, we are here for your business through all financial challenges. Our proven [...]

The COVID-19 pandemic has caused more than just health-related side effects. From a market crash to individuals losing work, this outbreak will have financial consequences for many people. Because of this, a federal package worth $2 trillion has been crafted in an effort to help individuals, while encouraging a stimulated economy. What is a stimulus check? A stimulus check is money sent to a taxpayer by the government with the hope of revitalizing the economy. The money is seen as spending cash for individuals, which when consumers use, boosts the overall market. How much money will my stimulus check be? As a part of the plan, most individuals in the United States of America will be given a one-time stimulus check for up to $1,200. Married couples can receive up to $2,400 plus an additional $500 for each child under age 17. The exact amount you will receive is determined by your income and the size of your family. Individuals earning up to $75,000 or couples earning up to $150,000 annually can plan to receive up to the full amounts listed. The amount of the stimulus checks decreases for those making more, up to the cutoff thresholds. Individuals making above $99,000 annually would not qualify for a payment, nor would couples making double that. Stimulus check amounts will be decided based on either a person’s 2018 tax return records or 2019 tax return records, if they have already been filed. The due date for 2019 federal tax filing – as well as many state tax filings – has been extended to July 15, 2020. Other notable parts of the plan include the waiving of the 10% early withdrawal penalty for retirement fund distributions up to [...]

Due to the COVID-19 pandemic and surrounding current events, the IRS has extended the deadline for filing 2019 taxes by an extra 90 days. Tax filings for 2019 will now be due on July 15, 2020. This change is effective only for individuals’ personal 2019 federal income tax returns.  The due dates for personal state and local income tax returns vary by state and locality – Illinois has currently extended their due date to be in-line with the new federal due date of July 15, 2020. There will be no penalties or interest charged individuals who file after April 15, 2020, but before the new deadline of July 15, 2020. This extension grants individuals a grace period for filing during the ongoing COVID-19 outbreak. The 90-day extension was put into place in an effort to help citizens being affected by the virus and the closures, social distancing, and quarantining that is now widespread across the country.  Individuals must comply with the new tax filing deadline of July 15, 2020, or else be subject to applicable penalties and interest. If you are unable to file by this new date, you must take the appropriate steps to contact the IRS and show reasonable cause for the inability to file by the new deadline. While this time extension only to individual tax returns, if you have not yet filed your 2019 federal and state corporate or partnership income tax returns, Evolve Financial can work with you to get those tax returns filed, and we will work directly with the IRS and state agencies on your behalf to see if any assessed penalties and/or interest can be abated. If you have not already filed your 2019 personal and/or business [...]