Coronavirus Tax Relief and more
We're reaching out today to update you on the impact of the COVID-19 global pandemic on the tax and accounting industry and to help aggregate and facilitate information as it becomes available.
Our business will remain open and operational, but we will not physically see any clients at our office, as our staff will be working remotely from home. That being said, we will still be responsive to you as we all have access to our office phones and office email. Effective immediately, we're holding all client meetings online or over the phone. All you need is a smartphone, tablet, or computer. If possible, we advise you do the same: Zoom.us and Join.me are popular options for hosting your own online meetings.
Please take some time to read the accompanying Special Report, the highlights are:
If you're an employer you might have a requirement to provide sick leave benefits to your employees beyond your typical company policy. In order to finance this additional benefit, the government will be providing quarterly tax credits when you file your quarterly payroll reports. Although you will be reimbursed for most of these benefits, it will still put a strain on your cash flow. For more information view this webinar, call your legal counsel or ask us for a referral to an employment attorney.
The federal tax filing deadline remains the same, but the federal tax payment due date is extended for 90 days. The CA FTB is providing similar relief with a 6/15/2020 deadline to file and pay.
Also, we'd like to make you aware that the SBA is currently providing Disaster Relief Loans:
These loans are issued by the SBA and funded by Treasury. The banks are not involved.
To apply, visit https://disasterloan.sba.gov/ela/
Your County has to be included in the Disaster Declaration, so far all of our local Counties are listed however I’ve heard that the system was not allowing Riverside County applications (hopefully this is fixed soon)
The disaster declaration is here - https://disasterloan.sbgov/ela/Declarations/DeclarationDetails?declNumber=6062932&direct=false
We wish you and your family health and we look forward to the end of this pandemic and community shutdowns.