Wagner Kirkman Blaine Klomparens & Youmans LLP

Woohoo! Congratulations Kristina!!

We have fun too! Today we’re celebrating the lovely Jenni Harmon, Jennifer Barcellos and Kristina Porcar... Jenni received her LLM from NYU! Jennifer graduated from Law School! & Kristina passed the Bar Exam! ... Let’s congratulate these talented, hard working and well respected women!

Under the #ExecutiveOrder, withholding, deposit and payment of the employee’s share of the 6.2% Social Security Tax under IRC Section 3101(a) are deferred on wages paid during the applicable four (4) month period. The deferral will occur without penalties, interest, additional amount or addition to the tax. Additionally, this deferral only applies to employees with biweekly, pre-tax income for less than $4,000, or a similar amount where a different pay period applies this i...s equal to an annual salary of approximately $104,000. Read more about the Executive Order on our website. https://www.wkblaw.com/president-issues-executive-order-de/ #socialsecurity #payrolltaxes #trump #covd19

A protective claim for refund may be filed by or on behalf of a taxpayer if the resolution of a tax refund claim is contingent on future events and may not be determinable until after the time period for filing a claim for refund expires. Protective claims are often based on current litigation or expected changes in the tax law, other legislation, or regulations. A protective claim preserves the taxpayer’s right to claim a refund once the contingent situation is resolved. C...urrently the case of California v. Texas, now before the Supreme Court, creates such a contingency. The issue in this case is whether eliminating the individual mandate makes all or part of the 2010 Patient Protection and Affordable Care Act (ACA or Obamacare)1 unconstitutional. If the Court finds that the ACA is unconstitutional, taxpayers may be entitled to refunds for the taxes imposed by the ACA. But the Court is unlikely to come to a decision until late this year or possibly not until 2021. For more information, visit: https://www.wkblaw.com/california-v-texas-now-is-the-time-/

Join Belan Wagner and Robin Klomparens for an upcoming Strafford live webinar, "Estate Planning for Farm and Ranch Owners" on Wednesday, September 2, 1:00pm-2:30pm EDT. Click this link for more information: https://www.sp-04.com/r.php?products/tlgdalhgra

Here are some helpful links regarding Covid-19.

Today is the day, don't forget! #TaxDay2020

While COVID-19 valuation reductions may exist for January 1 2021, we don’t yet know where the market will be then. In addition, the California Legislature (as of July 1, 2020) is considering #SB1431, which would allow an earlier reduction for dates after April 5, 2020. If enacted (and only if), Assessors may treat the COVID-19 Pandemic as a ‘major misfortune or calamity' allowing owners to request a retroactive reduction for the impact of #COVID-19. Without SB 1431, the imp...act of COVID-19 on California will likely be felt too late by most Assessors because it would not be a valuation decline event as of January 1, 2020. In addition, whether or not SB 1431 passes, there are other opportunities which may involve an Appeal or actually forcing a reassessment. Example: A commercial building that is 1/2 empty on January 1, 2020, may qualify for a Proposition 8 valuation reduction decline if it is worth less than the base-year value as of that date. While COVID-19 will not be relevant to the value decline directly, it may be argued that the likelihood of re-renting the property to reach full capacity will be low due to both a recession and due to COVID-19. Read more about Property Tax Reductions in our article below. https://www.wkblaw.com/property-tax-reductions-covid-19-fo/

The #IRS has issued Notice 2020-23 which effectively extends about 300 deadlines in connection with taxpayer filings, elections, payments and administrative actions as well as governmental actions. In a nutshell, multiple actions have been extended to July 15, 2020 involving a broad range of activities. Many of the extensions granted are made with reference to IRS Revenue Procedure 2018-58, 2018-50 I.R.B. _ which provided a comprehensive list of tax and administrative deadlines that might be affected by an emergency disaster declaration. https://www.wkblaw.com/irs-provides-broad-extension-to-jul/ #TaxExtension

The Small Business Association ( #SBA) is taking pre-applications, wherein there are essentially two parts: (i) a request for an advance that is not repayable; and (ii) a request for a loan. In deciding whether to request an Economic Injury Disaster Advance or Economic Injury Disaster Loan ( #EIDL), it is important to consider a number of concerns as to the best option for a business. In some cases, a Paycheck Protection Program ( #PPP) loan may be preferable (and possibly fas...ter in processing), wherein if certain requirements are met, most if not all of the loan may be forgiven. Engaging an attorney who is familiar with SBA loans and financial planning may be in your best interests. For questions concerning this article, call us at (916) 920-5286, to speak with one of our Northern California attorneys. https://www.wkblaw.com/economic-injury-disaster-loan-assi/ #Covid19

In order to properly address borrower and lender questions, the Small Business Administration ( #SBA) and Department of Treasury have issued additional guidance regarding the Paycheck Protection Program ( #PPP). View our #Covid19 resources and additional links here, https://www.wkblaw.com/small-business-administration-sba-l/.

UPDATE: If you did not file returns for 2018 and 2019 years (exempt), but qualify for payment, you may register for payment at the following site: https://www.irs.gov/coro/non-filers-enter-payment-info-here #Covid19 #StimulusCheck

Here are some helpful links regarding the Economic Injury Disaster Advance Loan and the Paycheck Protection Program Loan. Are you worried you can't get help because you're a sole proprietor, independent contractor or are self-employed? Even YOU can get financial assistance during #Covid19. Visit the links in the article for more information, or feel free to call our office. We're your partner and we're here to help.

Under recent legislation, employers are now federally required to provide paid leave, beginning April 1, 2020, for certain employees unable to work due to the COVID-19 pandemic. The Department of Labor (DOL) recently issued temporary regulations, scheduled for publication April 6, 2020, covering paid leave under the Families First Coronavirus Response Act (FFCRA). In this article, we are not going into the six statutory conditions for paid sick leave or the conditions for paid family leave to care for a son or daughter, but we focus just on the employee claim procedures, important to both employer and employee alike for claiming paid leave. These are principally found under recently issued Temp. Reg. 826.100. #Covid19 #Coronavirus