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CORONA VIRUS IMPACT

Our office is now open to the public in accordance with safety guidelines issued by county officials.  You may drop off and pick up documents during normal business hours.  You can contact our office at our main office phone number 925-946-4141.

It has been anounced that the due date of all tax returns has been automatically extended until July 15th for all taxpayers.  The IRS has issued official guidance that any payments normally due April 15th (this includes 1st quarter and 2nd quarter 2020 estimates) can be delayed up until July 15th without penalty.  California has conformed to the July 15th extension as well.

You can view the IRS notice regarding this delay here:  IRS Deadline Extended.

UPDATED: June 11, 2020

CARES ACT

The $2 trillion stimulus bill named the CARES Act was passed and signed into law on Friday March 27th.   The CARES Act contains provisions for both individuals as well as new loan and stimulus programs for businesses.

INDIVIDUALS:

The CARES Act contains tax provisions for individuals including a tax credit rebate of $1,200 per individual and $500 per child that are phased out for taxpayers with adjusted gross income over $75K for individuals ($150K for married filers). 

Individuals can check the status of their stimulus payment and if needed can update direct deposit info with the IRS HERE.

You can see a summary of the various tax provisions HERE.

The CARES Act also contains several provisions related to retirements accounts including the waiver of the Required Minimum Distribution (RMD) for the 2020 tax year.  The American Retirement Association has provided a summary/FAQ of the various retirement account provisions that can be accessed HERE.

BUSINESSES:

There are many new loan programs and potential tax credits available to small businesses.  These new programs have been outlined by the US Senate Committee on Small Business & Entrepreneurship and can be found in The Small Business Owner’s Guide to the CARES Act.

The Department of Treasury has released the Paycheck Protection Program application on their Website. You can find more details of this program on their website under the section "Assistance for Small Businesses".

You can find the application for this loan here - PPP APPLICATION.  The accompanying borrower guide can be found here - BORROWER GUIDE.

The time allowed to utilize the PPP Funds has been extended from 8 weeks to 24 weeks as a result of an extension bill that was signed into law on June 5, 2020.

The US Chamber of Commerce has also released a Small Buisness Guide and Checklist that walks through the loan process in a simplified easy to understand manner. 

These loans are administered through local banks.  You should contact you bank immediately to see if they are aware of these programs and if they can process the loan. 

Our team is working remotely and can be reached by email.   If you call our office you will be directed to leave a voicemail.

The health and safety of our employees and clients is our top priority at this time and we are sorry for any inconvenience this may be causing.

Please be assured we will make every effort to continue to provide you with the highest level of professional services during this time.

We will continue to provide updates as they become available.

Best regards,

Hawkes Hastings & Aaron, CPAs