66-70 Queens Midtown Expressway
Maspeth, New York 11378
M-F 9AM-7PM, Sat 9AM-3PM
Pace Accounting is not accepting New BUSINESS ACCOUNTS until after tax season, so we can focus on providing high-quality individual tax preparation services. However, we appreciate your inquiry and look forward to welcoming new business accounts starting in May of 2023.
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This page is no longer being updated and the information may be out-of-date.
April 21 Update: The Senate passed a roughly $480 billion relief package today that includes hundreds of billions of dollars in new funding for small businesses hurt by the coronavirus outbreak. This includes a deal to authorize the Paycheck Protection Program to spend an additional $310 billion. The PPP loan program had recently ran out of money and was no longer accepting applications.
for Employees & Individuals
Update: April 3, 2020
THE CARES ACT
With the recent signing of the 2 trillion dollar Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, the government has taken a positive step forward to provide economic relief to individuals and businesses-unprecedented in scope and complexity. The rush to help also comes with some significant drawbacks. The lack of details and guidance are leaving banks, lawyers, accountants, and other professionals scratching their heads trying to understand and implement these new programs leading to widespread confusion.
The NATP, National Association of Tax Professionals, of which we are an active member, posted an excellent summary of the CARES Act on their website that will be very helpful for businesses and individuals trying to navigate the various programs. Below we have highlighted the major programs. Please visit the NATP website link for information on additional programs along with more in-depth details on each program: CLICK HERE
CARES ACT - Individual Provisions
2020 Recovery Rebates for Individuals - This provides payments to taxpayers, subject to income limits, in the way of a credit of $1,200 per individual, $2,400 for married couples filing a joint return plus $500 per qualifying child who is under age 17. MORE INFO
Penalty-free Retirement Distributions - Certain taxpayers are permitted to withdraw up to $100,000 from a retirement plan or IRA for coronavirus related distributions without incurring the 10% premature distribution penalty. MORE INFO
Expansion of Unemployment Benefits - The size and scope of unemployment benefits is expanded under this bill. It includes relief for workers who are self-employed, as well as independent contractors like Uber drivers and gig workers. It makes benefits more generous by adding a $600/week across-the-board payment increase through the end of July. In addition, for those who need it, the bill provides an additional 13 weeks of benefits beyond what states typically allow. The bill also allows for states to waive their one week waiting period for unemployment benefits and the federal government will reimburse them for that week, thus incentivizing states to provide an immediate benefit. MORE INFO
Additional plans and details - MORE INFO
Updated March 26, 2020
US Federal Government
Individual Tax Deadline - Extended to July 15, 2020. Taxpayers who need additional time can request an additional three months which extends the deadline to October 15, 2020. MORE INFO
Federal Tax Payments - Extended to July 15, 2020. MORE INFO
New York State
90-Day Mortgage Relief – A directive has been issued to New York State mortgage servicers to provide 90-Day mortgage relief to mortgage borrowers impacted by novel coronavirus—including waiving mortgage payments, no negative reporting to credit bureaus, grace period for loan modification, no late or online fees, and postponing or suspending foreclosures. Contact your mortgage provider for more details.
New Paid Family Leave for COVID-19 – NYS has a financial compensation program for employees and their minor dependent children who are subject to an order of mandatory or precautionary quarantine. If your place of employment is closed due to COVID-19, you may immediately apply for Unemployment Insurance. Employees who are able to work remotely do not qualify. Protections and benefits vary by the size of your employer. MORE INFO
Unemployment Insurance Benefits – New York State is waiving the 7-Day waiting period for unemployment insurance benefits for people who are out of work due to coronavirus closures and quarantines. MORE INFO
New York City
Rent Arrears – As of March 16, 2020, New York State Courts temporarily suspended all eviction proceedings until further notice. You do not need to apply for rent arrears (back rent) to stop eviction. MORE INFO
Utility Shut-Offs – All utility companies have temporarily suspended gas, electric, and water shut-offs until further notice. MORE INFO
SNAP (Food Stamps) – Help for people with limited income to buy food. MORE INFO
Food Pantries and Soup Kitchens – Available for people who need emergency food assistance. MORE INFO
Senior Centers – Providing Grab-and-Go meals. MORE INFO
Free Meals for all NYC Children – Meals available for all NYC children, weekdays from 7:30 AM to 1:30 PM, at locations across the city. MORE INFO
GetFoodNYC Food Delivery Program – Food delivery program to provide food for vulnerable and food-insecure New Yorkers not currently served through existing food delivery programs. MORE INFO