As the greater impact of coronavirus COVID-19 continues to worsen, it is important to stay up-to-date with the potential repercussions as a business owner. This year’s tax filing deadlines have been extended to July 15th which will offer some relief to business owners keeping cash in the business. If your business has been forced to close its doors due to the coronavirus outbreak you may have options. John Milikowsky, founding partner of Milikowsky Tax Law reviews the options Business Owners and 1099 contractors have to file for Unemployment Insurance.
As the owner of a C-Corp or S-Corp that employees W-2 workers in the United States, you have the option to file for unemployment if you have closed your business and are no longer receiving any form of compensation. There are possibly similar options if you work as an independent contractor and have lost your sole source of income, as well.
If you have concerns or questions about filing for unemployment as a business owner or independent contractor, please contact the team at Milikowsky Tax Law today.