Emmanuel A. Santos, JD CPA Incorporated

We have been getting a lot of inquiries about where to get financial help during the COVID-19 crisis. Below are some links to help you understand where to get tax and financial assistance during this difficult time. The State of California and the City of San Francisco's COVID-19 assistance programs are way below. 1. Federal stimulus package details: Learn more about the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the relief package that provides lump-sum ch...ecks to many Americans, defers payroll taxes for eligible small businesses, and more. https://proconnect.intuit.com//is-the-tax-deadline-delaye/ 2. Stimulus package for small businesses and self-employed: Payroll tax relief, small business payroll loans and unemployment benefits for self-employed workers are available. https://quickbooks.intuit.com/r//stimulus-package-benefi/ 3. What is the Paycheck Protection Program?: Determine loan eligibility and learn how to apply, how much you may be able to borrow, and get information regarding repayment or forgiveness terms. https://quickbooks.intuit.com//what-is-paycheck-protecti/ 4. Families First Coronavirus Response Act: Get information about paying employees National Sick Leave and applying a credit to payroll taxes. https://quickbooks.intuit.com//help-articl/ffcra/00/517349 5. State of California's COVID-19 State of Emergency Effective April 2, 2020, small business taxpayers, those with less than $5 million in taxable annual sales, can take advantage of a 12-month, interest-free, payment plan for up to $50,000 of sales and use tax liability. https://www.cdtfa.ca.gov/services/covid19.htm 6. San Francisco Resources for Businesses and Employees Impacted by COVID-19: Mayor London Breed and Board of Supervisors Announce $10 Million Small Business Relief Fund to Support Small Businesses Impacted by COVID-19. City commits $9 million to launch new zero interest loan fund and adds $1 million to the City’s Resiliency Fund, increasing support for workers and small business. https://oewd.org/resources-businesses-and-employees-impacte

On Wednesday, March 18, President Trump signed into law the Families First Coronavirus Response Act, or H.R. 6201, which includes relief for individuals, self-employed and businesses. (1) Relief for Individual Taxpayers. Eligible employees impacted by COVID-19 may receive paid sick and emergency sick leave. (2) Relief for Self-Employed and Small Businesses. The Families First Coronavirus Response First Act provides relief in the form of refundable tax credits for sick leave a...nd family leave for eligible self-employed and small business owners. Click link below for details.

What a relief! IRS will move tax filing deadline to July 15 due to coronavirus. California FTB also pushed the deadline to July 15.

Unlike the IRS, CA FTB extended the tax filing deadline and granted relief to taxpayers affected by COVID-19. 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 hav...e 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.

Treasury Secretary Steven Mnuchin announced that his department is pushing back the April 15 tax payment deadline (NOT FILING DEADLINE), giving individuals and many businesses 90 extra days to pay taxes they owe. Individuals can defer up to $1 million of tax liability and corporations get an extension on up to $10 million, Mnuchin said Tuesday at a press conference. All you have to do is file your taxes, he said. You’ll automatically not get charged interest and penalties.... https://www.accountingtoday.com//treasury-delays-april-15-