Tax Facts: Covid-19’s impact on tax season

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JACKSON, Miss. (WJTV)– We return with another Tax Facts series. The deadline to file was delayed three months, but now, it’s less than a week away. We’re looking at how the pandemic has impacted this tax season.

Aside from preparing taxes, local accountants have also been busy helping businesses apply for the Paycheck Protection Program or PPP.

Certified public accountant Tony Huffman tells me this year has been one like never before under the coronavirus pandemic.

Huffman says for the last three weeks of tax season they had to put tax preparations on hold because of PPP loans.

He’s helped out over 100 clients with their loan applications including Koestler Prime in Ridgeland. Scott Koestler, the owner, says PPP has helped save jobs.

The deadline to file for PPP has been extended. You now have until August 8.

Huffman says businesses and charitable organizations shouldn’t give up on applying.

If you’re not eligible for PPP, here’s another option: the employee retention credit on your taxes.

Huffman says don’t overlook what might be available to you.

Your taxes are due July 15, but you can file an extension. Send in the money you expect you owe.
Coming up on Friday, we’ll be answering your tax questions – go to our WJTV Facebook page – to send us questions.

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