Did you hear about the three changes to tax rules which may help reduce cost for your business? Make sure you read the update!
Amending U&O guidance to exempt the portion of restaurants and bars used for indoor dining from Use & Occupancy Tax: This initiative will exempt restaurants and bars from Use & Occupancy tax on the square footage of the business used for indoor dining (dining room space) during the period when indoor dining is prohibited. This exemption is for this most recent “Safer at Home” phase and would be effective from November 20, 2020 through January 1, 2021.
Businesses can amend BIRT returns and receive a refund: Under this initiative, the Revenue Department will provide guidance and instructions to businesses that if they feel they overestimated their 2020 BIRT estimated payment, they can amend the return and provide a new, more realistic, estimated payment and have the difference refunded. It would take six to eight weeks for businesses to receive refunds.
Extending Refuse Fee due dates: Under this measure, the full $500 refuse fee is now due by June 30, 2021. Previously, half of the annual fee was due December 31, 2020.
Workplace Health & Safety : July 30th from 2-3 PM: View webinar here
About:
In these challenging times, capital is critical for all businesses. However along with capital, it is critical businesses optimize their capital and current time to work through a recovery process focused on driving revenue and mitigating risks that could be costly. There are several areas that have potential economic impact to your business in the COVID-19 impacted market including, Workplace Health & Safety, Supply Chain, Technology, Customer Service & Marketing, Staffing & People Management, and more. It is very important business leaders have a plan now to address these areas to ensure your business can recover strong!
Here is where the MBDA CARES Center Team can help! By engaging with our center, you will receive an easy to plug-in Recovery Plan Template, Webinars focused on relevant topics stated above, and 1:1 consultation during Office Hours to help you develop a Recovery Plan that you can implement in the next 30, 60, 90 days to stabilize your business and position for future growth.
MBDA CARES Center is funded by the Minority Business Development Agency, an agency of the U.S. Department of Commerce that promotes the growth of minority-owned businesses through the mobilization and advancement of public and private sector programs, policy, and research.
