KEEPING YOU UP TO DATE WITH COVID-19 NEWS
The world is changing fast during this pandemic. I want to make sure you are updated with what you need to know now.
Last Updated: 6/03/2020 9:00Am pst
Get tested for Covid-19 in LA County: https://covid19.lacounty.gov/testing
Quick facts:
At all testing sites, testing is by appointment ONLY.
You can schedule an appointment here: https://lacovidprod.service-now.com/rrs
New Blog Post
What does the stimulus package have to do with me?
Updated 6/5/20
NEW TAX DEADLINES
“The Treasury Department and Internal Revenue Service announced today (3/21/20) that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.”
Source: IRS Website News Release 3/21/2020
Quarterly Estimated Taxes: 1st Quarter Estimated Taxes have also been extended to the new deadline to file and pay of July 15, 2020. There is talk about the 2nd Quarter Estimated Taxes being due July 15th, 2020 as well, but please check with your tax professional.
Source: IRS Website News Release 3/21/2020
Contribution to IRA: The deadline to contribute to an Individual Retirement Account, Roth IRA, Health Savings Account or Archer MSA are also extended to July 15, 2020.
The Small Business Self-Employed individuals have their own section to find helpful resources and information. You can find that here.
More helpful and detailed information is found in this article from the Wall Street Journal.
STIMULUS PACKAGE
The law was just signed by the President on March 27th around 4:35pm EST. Help is on the way, friends. The top two bullet points are the two best articles I found to date.
Get My Stimulus Payment here by IRS
President Trump Signs $2 Trillion Coronavirus Rescue Package Into Law by NPR
What's Inside The Senate's $2 Trillion Coronavirus Aid Package by NPR
Bipartisan agreement on the largest stimulus package in history
“The bill will give a one-time check of $1,200 to Americans who make up to $75,000. Individuals with no or little tax liability would receive the same amount…” Source: The Hill
“Under the plan as it was being negotiated, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 -- and an additional $500 per each child. The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.” Source: CNN
If you are a non-filer, the IRS has specific instructions for you to take in order to receive the economic impact payment as a direct deposit.
Opening Up America
A 3 Phase Plan to Return the economy back up and running again.
“These steps will help state and local officials when reopening their economies, getting people back to work, and continuing to protect American lives.”
THE STATE OF CALIFORNIA
2020 tax relief
The State of California Treasury Department created a central resources to help business owners.
2020 Resources for Individuals
The State of California Treasury Department now has a list for Individuals for all sorts of resources that are helpful for us individuals.
california tax filing and payment extension
From the State of California - Press Release:
03/13/2020
Sacramento – The Franchise Tax Board (FTB) today announced special tax relief for California taxpayers affected by the COVID-19 pandemic. Affected taxpayers are granted an extension to file 2019 California tax returns and make certain payments until June 15, 2020, in line with Governor Newsom’s March 12 Executive Order.
“During this public health emergency, every Californian should be free to focus on their health and wellbeing,” said State Controller Betty T. Yee, who serves as chair of FTB. “Having extra time to file their taxes helps allows people to do this, as the experts work to control the spread of coronavirus.”
This relief includes moving the various tax filing and payment deadlines that occur on March 15, 2020, through June 15, 2020, to June 15, 2020. This includes:
* Partnerships and LLCs who are taxed as partnerships whose tax returns are due on March 15 now have a 90-day extension to file and pay by June 15.
* Individual filers whose tax returns are due on April 15 now have a 60-day extension to file and pay by June 15.
* Quarterly estimated tax payments due on April 15 now have a 60-day extension to pay by June 15.
The FTB’s June 15 extended due date may be pushed back even further if the Internal Revenue Service grants a longer relief period.
the state of California Unemployment Resources
Food and meal resources
The State of California has provided a food access resource list. This is to help you find accessible food and meals during this time. This spreadsheet also lists school some information for a few school districts as well.
2020 FOOD RESOURCES IN CALIFORNIA
small business resource list
Small Business Owners, please reference this list. It is developed and updated by the State of California, to help you find resources during this financially challenging time.
SMALL BUSINESS ADMINISTRATION
The Small Business Administration has provided several great resources, to help small businesses affected by COVID-19.
If you are a small business and need to find a mentor at this time, click here
Small business relief programs near and far
THE CENTER FOR DISEASE CONTROL
The Center for Disease Control has loads of resources for all of us during this time.
Here are just a few:
the city of los angeles
The county of los angeles
Here is an excerpt from The County of Los Angeles’ website from the following link:
THE BOTTOM LINE
Residents of the City of Los Angeles are required to stay inside their homes unless they are engaged in certain “essential activities.” On those occasions when you are out of your home for necessary tasks, stay at least six feet away from others.
YOU CAN …
Go to the grocery, convenience or warehouse store
Go to the pharmacy to pick up medications and other healthcare necessities
Go to medical appointments (check with your doctor or provider first)
Go to a restaurant for take-out, delivery or drive-thru
Care or support a friend or family member
Take a walk, ride your bike, hike, jog and be in nature for exercise — just keep at least six feet between you and others in the community.
Walk your pets and take them to the veterinarian if necessary
Help someone to get necessary supplies
YOU SHOULD NOT …
Go to work unless you are providing essential services as defined by this Order
Visit friends and family if there is no urgent need
Maintain less than 6 feet of distance from others when you go out
Travel to or from a job outside the City, unless to perform essential activities
Travel to or from a vacation home outside the City
Visit loved ones in the hospital, nursing home, skilled nursing facility, or other residential care facilities
Go to the beach in groups, play group sports, or engage in outdoor activities in groups of any size.
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