Smith & Company Clients:
We are sharing brief updates and resources that may be helpful as you navigate through this current health and economic crisis. If you prefer not to hear from us on these matters, simply hit the unsubscribe link.
The IRS is starting to provide guidance. We are monitoring closely and learning as we go.
What we know:
- The April 15 filing and tax due date has been extended to July 15. If you choose, you can file now and pay later (July 15). Partnerships and S-Corporations can file an extension until September 15 and Individuals and C-Corporations until October 15.
- As the original due date for filing has been moved, so have the deadlines for contributions to your Roth, IRA and HSA accounts.
What we don’t know:
- The IRS has not provided clarification on whether Q2 quarterly payments can be deferred.
Additional Relief (Business Loans, Payroll and Other Resources):
Potential payroll tax credits related to required paid sick and family leave, and a separate credit for individuals who are self-employed (more to come on this)
Resources for San Francisco Businesses affected by Covid-19
Small Business Administration (SBA) Disaster Loan
Kiva US Business Loan Program (0% interest and fees)
California Small Business Finance Center (SBFC)
We appreciate your business and wish you well and that you and your loved ones remain safe.
Disclaimer: While we hope the contents of these alerts are helpful to our clients, these alerts are not intended to be advice upon which you should rely. Tax advice contained in these alerts is not intended to be used for, and cannot be used for, the purpose of avoiding penalties under the US federal tax laws. Inclusion of topics outside the scope of our normal service areas is intended to serve solely as a general starting point and should not replace consultation with experts in the related fields.