During the COVID-19 pandemic, many companies are finding a variety of ways to communicate with their customers. Organizations may use teledetailing/telemarketing through email, social media or other third-party functions for video conferencing.
On April 9, 2020, New Jersey Governor Phil Murphy issued Executive Order 123 to provide immediate relief to insureds by prohibiting all New Jersey property and casualty insurance companies, life insurance companies, insurance premium finance companies, health insurance companies, health maintenance organizations, health service corporations and other entities issuing health or dental plans from cancelling policies or contracts for non-payment of premiums over a 60-90 day grace period.
On March 25, 2020, New Jersey passed another law to help ease the burden faced by employees who must miss work due to COVID-19. The new law allows employees affected by COVID-19 to utilize New Jersey’s Earned Sick Leave Act, Family Leave Act, Temporary Disability Insurance, or Family Leave Insurance. The most significant change to these laws is that it provides benefits to employees who must be quarantined or care for a family member who must be quarantined.
The COVID-19 pandemic combined with the current economic uncertainty may leave many families and individuals with questions and concerns about their estate and financial planning. The Wealth Preservation team at Porzio has compiled a list of some frequent questions to assist during this time.
The Internal Revenue Service has extended the time to file your 2019 Federal Form 1040 from April 15, 2020 to July 15, 2020. The rule extends the time to pay any tax due with the filing of your 2019 Federal Form 1040. The first quarter Federal estimated tax payment typically due on April 15, 2020 has also been extended to July 15, 2020. However, the second quarter Federal estimated tax payment due on June 15, 2020 has not been extended. The total amount of tax that can be deferred is $1 million.