Awards & Recognition
One thing that living enduring the COVID-19 crisis has taught us is that, even in the digital age, all of the helpful information that business owners and other professionals require is not in the same place. Indeed, it may take hours to chase down all of the different government and private-sector resources that have been made available in the wake of the Coronavirus pandemic. This article is intended to serve as a compilation of the resources currently available. If you have any further questions about these resources or the underlying programs being offered to help business owners during these turbulent times, please reach out to our COVID-19 Business Survival Consulting team.
Tax Resources
Federal Taxation
Coronavirus Tax Relief and Economic Impact Payments – This IRS website serves multiple purposes. It provides tax resources related to Coronavirus for both individuals and businesses. Additionally, it offers information about the Economic Impact Payments that are currently being sent to individuals.
Filing and Payment Deadlines Questions and Answers – As many taxpayers have heard, many tax return filing deadlines were extended from April into July. This IRS Q&A page answers some of the most frequently asked questions about those filing deadlines.
FATCA – FAQs General – In addition to tax return filing deadline extensions, the IRS has extended certain filing requirements related to FATCA compliance. This IRS FATCA frequently asked questions page provides guidance on extensions of certain FATCA filing deadlines.
Deferral of employment tax deposits and payments through December 31, 2020 – The Coronavirus, Aid, Relief and Economic Security (CARES) Act included a provision that allows employers to defer the deposit and payment of social security taxes during a specified period of time. Likewise, the CARES Act allows for self-employed individuals to defer the payment of self-employment taxes. This IRS website outlines the details associated with the CARES Act deferral of such taxes.
IRS Newsroom – This IRS page serves as a general news feed for information posted by the IRS. To the extent that additional information related to federal taxes becomes available, it should appear on the IRS Newsroom page.
Economic Impact Payments and Unemployment
The links below relate to information available pertaining to taxation in California amid the COVID-19 pandemic.
COVID-19 frequently asked questions – This link to the California Franchise Tax Board COVID-19 FAQ page provides extensive information for California taxpayers. The page includes information about filing deadline extensions, as well as the status of collection actions and ongoing audits.
COVID-19 Extensions to file and pay – The California Franchise Tax Board has developed a helpful chart that indicates the new filing deadline for tax returns based on the type of taxpayer. The link to the page containing the chart and related information can be found by clicking this link.
Employment Development Department – This EDD page has extensive information about the effect of COVID-19 on California employees, including links to additional information for those seeking unemployment benefits.
California Taxation
The links below relate to information available pertaining to taxation in California amid the COVID-19 pandemic.
COVID-19 frequently asked questions – This link to the California Franchise Tax Board COVID-19 FAQ page provides extensive information for California taxpayers. The page includes information about filing deadline extensions, as well as the status of collection actions and ongoing audits.
COVID-19 Extensions to file and pay – The California Franchise Tax Board has developed a helpful chart that indicates the new filing deadline for tax returns based on the type of taxpayer. The link to the page containing the chart and related information can be found by clicking this link.
Employment Development Department – This EDD page has extensive information about the effect of COVID-19 on California employees, including links to additional information for those seeking unemployment benefits.
Resources for Businesses
Paycheck Protection Program Borrower Application – Employers who are interested in applying for the Paycheck Protection Program can complete an application at this site. The Paycheck Protection Program provides employers with a forgivable loan that can be used to make payroll and pay other critical business expenses.
Paycheck Protection Program FAQs – The Treasury Department has put together a listing of frequently asked questions and answers at this link. Information includes the terms of the Paycheck protection Program and insight into the more detailed calculations required to determine loan amounts.
The CARES Act Provides Assistance to Small Businesses – The Treasury Department has also put together a landing page for small businesses. In addition to information about the Paycheck Protection Program, this page also includes information about Economic Injury Disaster loans.
Coronavirus (COVID-19): Small Business Guidance & Loan Resources – The Small Business Administration has also put together a page that provides general information for small businesses and links to both SBA and non-SBA programs that could prove helpful to businesses that are hurting during the COVID-19 pandemic.
COVID-19 Injury Disaster Loan Application – For those small businesses who wish to apply for a SBA Injury Disaster Loan, this link takes applicants directly to the loan application
SBA Paycheck Protection Program Information – The Small Business Administration has also put together general information about the Paycheck Protection Program including who can apply and loan amount information.
Paycheck Protection Program Affiliation Rules – The Paycheck Protection Program has certain limits relating to the number of employees that may be working for the business. This explanation of the affiliation rules discusses situations where owners have common control over multiple companies and how that affects qualification under the Paycheck Protection Program.
Additional Paycheck Protection Program Rules – Because the Paycheck Protection Program falls under existing SBA loan programs, there are certain companies that are disqualified from participating in the program. This linked PDF provides some of the more nuanced details, including disqualified businesses.
General COVID-19 Disease Information
Centers for Disease Control – The CDC’s COVID-19 Situation Summary
Coronavirus Tracker – A day-by-day worldwide tracker of the spread of COVID-19.
Information for Legal and Tax Professionals
CalCPA – The CalCPA website has various helpful links, many of which are included above.
AICPA – This page provides guidance related to state tax compliance.
American Bar Association – The ABA’s news splash page related to COVID-19 legal updates.
Special thanks to James Counts CPA for compiling the links above.
As we all try to move forward during these trying times, it is critical to keep the big picture in mind. When weighing the pros and cons of participating in some of the programs linked to above, consulting with an experienced business and tax professional will ensure that the long-term effects of particular program participations are considered. Our team of COVID-19 Business Survival Consulting professionals will work with you to understand your business, its short term needs and long term goals, and help to develop a plan of action that is tailored just for you and your company.
We Are Here for You
Regardless of your particular business or estate needs, the professionals at the Tax Law Offices of David W. Klasing are here for you. We are open for business and our team will help ensure that your business is too. Contact the Law Offices of David W. Klasing today to discuss your business with one of our professionals.
In addition to our main office in Irvine, the Tax Law Offices of David W. Klasing has unstaffed (conference room only) satellite offices in Los Angeles, San Bernardino, Santa Barbara, Panorama City, Oxnard, San Diego, Bakersfield, San Jose, San Francisco, Oakland, Carlsbad and Sacramento. During the COVID-19 pandemic, our staff are working from home, but have full virtual meeting capability.
Our office technology allows clients to meet virtually via GoToMeeting. With end-to-end encryption, strong passwords and top-rated reliability, no one is messing with your meeting. To schedule a reduced rate initial consultation via GoToMeeting follow this link. Call our office and request a GoToMeeting if you are an existing client.
