Our Non Resident, Corporate, FIRPTA Tax and Admin teams are working full time and continue to be available for you. While many of our tax preparers are working remotely to minimize the number of support staff in our offices, we are available by email, video chat and phone calls. We are able to accept information drop off at our locations as well as facilitate ITIN identification certification although client meetings will continue to take place virtually for the time being.
Below, we have outlined various resources, information and updates that you may be able to benefit from. Remember to look out for our online classes and seminars. As ever, please do not hesitate to reach out to our office for assistance…
IRS – PROCESSING TIMES
Applications for Individual Taxpayer Identification Numbers (ITIN), Employer Identification Numbers (EIN) and FIRPTA Withholding Certificates are delayed.
IRS – INCOME TAXES
The IRS has set up a helpful summary page at this link at this link and an FAQ page at this link providing a wide range of updates. Here are a few key items:-
- The deadline for both filing and paying your 2019 income taxes has been extended to July 15th, 2020. This includes payment of tax on self-employment income, but does not include some types of business tax returns with other due dates or estate/gift tax returns.
- California is one of the states that has extended their tax filing and payment deadline to July 15th to conform with the IRS.
- The deadline for 2019 IRA or HSA contributions is also extended to July 15th.
- Quarterly estimated tax payments have also been extended for self-employment income for 2020.
- Required Minimum Distributions for 2020 will be waived if you choose not to take them.
- The 10% penalty for early distributions from retirement accounts has been waived.
- The limit for loans from retirement plans has been increased from $50k to $100k.
SMALL BUSINESS – USEFUL LINKS
If you own a small business or are self-employed, and particularly if your business operations have been directly impacted by this pandemic, then you may already be aware of two separate major and unprecedented programs that the Small Business Administration is now providing. You can apply for both of these programs, subject to additional requirements and so long as the funds are used for different purposes.
SMALL BUSINESS ADMINISTRATION
CDC
DEPARTMENT OF LABOR
https://www.dol.gov/agencies/whd/pandemic/ffcra-questions
FRAUD
Sadly, the criminals of the world seem to have taken this opportunity to increase the frequency of attempts at various types of financial fraud. Identity theft, wire fraud, phishing, and various types of cybersecurity threats are all still out there. Carry out an overhaul of your personal digital security:
- IRS – Report Phishing & Online Scams
- Department of Homeland Security – How do I Protect Myself from Cyberattacks
- Entrepreneur – 4 Cybersecurity Best Practices for Your Organisation
