Aguirre, Greer & Co.

Ending our 10th Tax Season tonight. It’s a wrap ! Thank you to everyone that has supported the firm. Watching my business and my boy grow as we go. #thefuture

Always my favorite tax appointment of the year. I always insist on visiting in person. See below to understand why. . Full menu. Home cooking. Soldiering through this difficult and unusual year. I am proud to know and be associated with my fellow Whittier business: ROSARITO’S TACO GRILL!

SENIORS / RETIREES and the CARES ACT ***This is for those who have NOT filed a 2018 or 2019 tax return due to ONLY having social security benefits as their only source of income*** I have had numerous inquiries from retirees and seniors who have not filed returns in recent years and IF they will qualify for a rebate under the recently enacted CARES Act... The $1,200 per person tax rebate that is part of the CARES Act is payable based on the following: The potential amount is based on your 2020 income tax liability OR $1,200 whichever is lesser. IF you will not have an income tax liability in 2020, then the MINIMUM rebate is $600! You are eligible for your rebate IF you had QUALIFYING INCOME of at least $2,500. QUALIFYING INCOME per the Cares Act includes Social Security Benefits! 2018 is the first tax year to determine eligibility for the CARES act credit. Thus if you did NOT file a return for 2018 or 2019, filing 2018 and 21019, a return (even if there is $0 tax due) will qualify you for consideration to receive the minimum $600 rebate. Message me if you need help with this! What you will need: Social security benefits paid to you in 2018 and 2019 Name, Address and Social Security Number Thats it!

Friends and Family, below is a list of items that will most directly impact individual taxpayers as part of the Corona virus stimulus bill pending approval from the house. It passed the Senate 96-0. Information is late breaking and evolving . Unprecedented in size, scope, scale and financial impact. STIMULUS PAYMENT $1,200 individual; $2,400 Married Filing Joint; $500 per child payments (with income phase outs starting at $75K for individuals and $150K for MFJ)... Based off of 2018 tax returns or 2019 if already filed. Unclear if the marker for income measure will be adjusted gross income or taxable income or some other measure (e.g. W2 / self employment earnings only) UNEMPLOYMENT BENEFIT ENHANCEMENTS Increase benefit period from 26 to 39 weeks (almost 10 months of cover) Increase weekly benefit by $600 for the first four months (April to July) - $2,400 additional per month for four months ($10K total) Benefits to extend to self employed / independent contractors / etc. who usually don’t qualify for unemployment TAX BREAKS - INDIVIDUALS UP TO $100,000 CAN BE WITHDRAWN FROM RETIREMENT PLANS WITHOUT THE 10% EARLY WITHDRAWAL PENALTY LOANS FROM 401K PLANS INCREASED TO THE LESSER OF $100,000 OR 100% OF ACCOUNT BALANCE (AVAILABLE APRIL TO SEPTEMBER) UP TO $300 CHARITABLE CONTRIBUTION DEDUCTION ALLOWED EVEN IF YOU DON’T ITEMIZE OTHER PROVISIONS BANKRUPTCY Stimulus funds don’t have to be used to repay past debt Extends debt repayment time from five to seven years for fresh start CREDIT REPORTING Falling behind on debt payments and skipped or deferred credit payments cannot negatively impact credit If you were behind BEFORE the crisis, you will continue to be reported LATE on those items MORTGAGES Federally backed mortgages can receive a forbearance up to 360 days Must indicate financial harm due to Virus outbreak Banks cannot initiate foreclosure for 60 days beginning March 18 Multifamily property owners can request forbearance for up to 90 days Tenants cannot be evicted for nonpayment of rent during this period STUDENT LOANS Monthly Payments deferred through September 30 NO interest will accrue

Staying compliant for the good of us all. Reiterating previous posts, we are working from home as a primary option. The office will be generally closed to all foot traffic. We will be there daily to collect mail and check on our systems. We are happy to coordinate arriving to meet you shortly after you drop off documents. (We will come in a few minutes after you have left). Seems very cold and impersonal and offensive but I think that unwittingly contributing to a pote...ntial spread of this virus is more offensive still. So we go. Thank you for your patience. We will never forget these times. Good and Bad.

Our firm will be complying with Governor Newsom and Mayor Garcetti’s health orders. Today will be our last full day of reporting to the office transitioning to a fully functioning remote set up. Accounting firms along with law firms and a host of other vital sectors are allowed to remain open according to the order. We will be curtailing our office activities and moving our staff to home office environments to protect each of our families and their loved ones during this u...ncertain period. We are here. Open for business. The concept of here now means virtually here. Here is now at home. Currently working mostly business as usual. Working closely with banks and our business clients to move them through this period. Lots of banking and business programs and lending available. On behalf of our families at AGCO, we urge everyone to stay safe and comply with the orders. The faster we comply, the faster we protect our most prized asset, each other. Keep God present in your mind and heart. Utilize the vast well of faith we all have NOW!