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The Internal Revenue Service (“IRS”) to Allow Automatic Delay in Filing Federal Taxes

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The Internal Revenue Service (“IRS”) to Allow Automatic Delay in Filing Federal Taxes

On March 17th, 2020, Secretary Mnuchin announced the IRS will allow a ninety (90) day extension of the April 15, 2020 tax payment deadline. Now, taxes and payments therein, will not be due till July 14, 2020. Unlike the California State Franchise Tax Board, this deferral is automatic. Even so, the deferment only applies to the first $1 million of income for individuals, and first $10 million to corporations. Any fund owed above that amount with be charged interest until paid. More details will emerge.

This is breaking news, but for more detail see: https://www.usatoday.com/story/money/2020/03/17/taxes-2020-irs-delay-april-15-tax-payment-deadline-90-days/5071239002/ and https://www.cnbc.com/2020/03/17/treasury-and-irs-to-delay-tax-deadline-by-90-days.html.

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COVID

Sacramento County To Provide Free Parking and General Assistance

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Sacramento County To Provide Free Parking and General Assistance

In addition to the economic relief package, the city will provide free metered parking from 4:30 p.m. onward for up to 30 days, assumedly from the date of the meeting, March 12. 2020. This applies to all 6,200 on-street meter spaces in the central city. All other enforcement still applied. Moreover, the county will enlist homeless-aid strategies which will include up to $250,000 to purchase and distribute emergency sanitation and cleaning supplies to curb the spread of the virus. For a list of Sacramento County resources, please see: https://www.cityofsacramento.org/Emergency-Management/COVID19.

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Sacramento Passes a $1 Million Economic Relief Package

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Sacramento Passes a $1 Million Economic Relief Package

On March 12th, 2020 Sacramento approved a $1 million economic relief package consisting of zero-interest loans of up to $25,000 for small businesses hurt by COVID-19. These loans will focus on restaurants, retail, daycare. They will be paid out on a first-come-first-serve basis.  Details are emerging; however, we know this will come in the form of zero-interest loans of up to $25,000 based on demonstrated need and be supported by a small business hotline. Further details are yet to be provided on how to apply; however, we are actively monitoring it. To reviewing the meeting, or obtain for info, please visit: https://sacramentocityexpress.com/2020/03/12/sacramento-city-leaders-announce-emergency-measures-to-help-residents-and-businesses-affected-by-covid-19/.

 

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COVID

The U.S.S.B.A. is providing low-interest disaster loans to help businesses and homeowners recover

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The U.S.S.B.A. is providing low-interest disaster loans to help businesses and homeowners recover

The Federal Government’s U.S. Small Business Administration (“SBA”) is providing low-interest disaster loans to help businesses and homeowners recover from declared disasters. As a small business, small agricultural cooperative, small business engaged in aquaculture, or private non-profit organization you may borrow up to $2 million for Economic Injury; however, in reality the limit will be $25,000 in economic injury.

As of January 31, 2020, Sacramento had been declared a Coronavirus (COVID-19) “Primary County” (along with Alameda, Calaveras, Contra Costa, Los Angeles, Sacramento, San Diego, San Francisco, San Mateo, Sonoma, and Tuolumne) which makes home and business owners able to apply for these loans. More details available at: https://disasterloan.sba.gov/ela/.

For more information, or to apply for the loans please contact our firm or visit: https://www.sba.gov/funding-programs/disaster-assistance.

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COVID

Upcoming “suggested” prohibitions may be come mandatory and affect non-essential venues

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Upcoming “suggested” prohibitions may be come mandatory and affect non-essential venues

There will soon directives to close all bars, wineries, brew pubs and night clubs, as they are considered non-essential. Restaurants will be urged, and potentially required, to cut their seating capacity in half but no more than fifty (50) to comply with social distancing requirements.

In line with the federal government, those who are sixty-five (65) and older, or with chronic underlying health conditions, are requested to stay home. This same demographic is requested to stay away from any groups and be limited to no more than ten (10) people; including those at retirement facilities, assisted living facilities, developmental homes, and support groups for people with health conditions.

For more information about this, or the affects of COVID-19 in Sacramento County, visit: https://www.saccounty.net/COVID-19/Pages/default.aspx.

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COVID

The State of California passed a spending bill for $20 million in General Assistance

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The State of California passed a spending bill for $20 million in General Assistance

Governor Gavin Newsom requested the Legislature make up to $20 million available for state government to respond to the spread of COVID-19. Among many things, this allows the Public Health Department to support hospitals and local public health laboratories in the collection of specimens and testing for COVID-19, at no charge to the public, and for California to activate the State Operations Center to its highest level to coordinate response efforts across the state. For more details, you can visit the State’s publication at: https://www.gov.ca.gov/2020/03/12/governor-newsom-issues-new-executive-order-further-enhancing-state-and-local-governments-ability-to-respond-to-covid-19-pandemic/.

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COVID

High-Deductible Health granted the ability to pay for COVID-19 related testing and treatment

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High-Deductible Health granted the ability to pay for COVID-19 related testing and treatment

On March 11, 2020, the Internal Revenue Service advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. For more information, please see their original publication at: https://www.irs.gov/newsroom/irs-high-deductible-health-plans-can-cover-coronavirus-costs.