City relieving financial pressure on businesses
COVINGTON, Ky. - Businesses who must file occupational license and net profits tax forms with the City of Covington will automatically have an extra 90 days to both file the forms and make any tax payments.
The extension is one of three executive orders signed by Covington Mayor Joe Meyer late Wednesday to help local businesses stay solvent and protect jobs during the global health crisis.
The other orders waive permit fees and help businesses pay rent and mortgages.
The City's Finance Department authorized the tax payment relief in conjunction with broader and similar grace periods announced by the Internal Revenue Service for federal returns for individual taxpayers and by the Commonwealth of Kentucky for state returns.
"We're very mindful of the damage being inflicted on our businesses and the economy by the coronavirus pandemic, and we're trying to relieve a bit of the financial pressure," said Shannon White, the City's Revenue/Collection Manager.
The extension is automatic for employers, business entities and individuals (such as owners of a home-based business like an LLC) who file the City's Occupational Fee & Business License Renewal Return, also known as Form OL-3. To get the extension, they do not need to apply for it.
The 90-day extension applies regardless of a business's fiscal year and filing deadline: An April 15 deadline is extended to July 15; a May 15 filing deadline is extended to Aug. 17; and a June 15 filing deadline is extended to Sept. 15.
Employers and business entities who pay any taxes due by the extended deadline won't be liable for penalties and/or interest between the old deadline and the new one.
City Hall restrictions
On March 16, the City closed the lobby at City Hall and restricted face-to-face interaction with Finance staff and others in response to the continuing spread of a potentially fatal acute respiratory disease called COVID-19. The decision was a practical implementation of a health-care strategy called "social distancing," which is designed to limit public contact.
White reminded taxpayers that the City does not have an electronic payment option for occupational license fees and net profits taxes, like it does with property taxes.
The City can accept checks, money orders and certified checks for any tax liabilities sent via the U.S. Postal Service or mail services like UPS or Federal Express. Payment can also be dropped off at the secure drop box located to the left of the main entrance of City Hall.
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