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If you need help getting your business started or choosing a new business structure, please contact me.

Get My Payment Tool Available April 17 To help everyone check on the status of their payments, the IRS is building a second new tool expected to be available for use by April 17. Get My Payment will provide people with the status of their payment and allow eligible people the ability to update their direct deposit information. IRS.gov

Tax Day is now 7/15! This latest announcement by the IRS sets both the filing and payment deadlines to the same day. Taxpayers who may have tax refunds should still file now in order to get their refund money.

The Treasury Secretary made an announcement yesterday about tax relief due to COVID-19. We expect the IRS to release detailed guidance soon, and we will communicate that information to you once it is available. As of now, this is what we understand based on his announcement:... - the individual filing deadline is still April 15 - those who can file their taxes should file by the normal tax filing deadline - those who can’t file by the deadline should file an extension by April 15 - taxpayers, both individuals and corporations, can defer a tax due payment, interest-free and penalty-free, for an additional 90 days after April 15

The California Legislature created the Minimum Essential Coverage Individual Mandate by enacting Senate Bill 78. The mandate took effect on January 1, 2020 and requires Californians to maintain minimum essential health coverage for each month on or after that date. Californians who fail to have qualifying health coverage will owe a state penalty for each month they lack coverage. Californians who owe a penalty will pay when they file their tax year 2020 state income tax retur...n in 2021. Note: this does not affect tax year 2019 returns. To avoid this penalty, California residents need to have qualifying health insurance for themselves, their spouse, and their dependents beginning on January 1, 2020. Covered California, the state’s insurance marketplace, will provide financial assistance to some households that meet certain income requirements and will issue certificates of exemptions to individuals who are exempt from the mandate. For more details, visit the Franchise Tax Board’s webpage. Californians must have health coverage: Californians must have health insurance beginning January 1, 2020. In general, a taxpayer who fails to secure health insurance will face a penalty when filing their 2020 tax return in 2021. Exemptions available: Most exemptions from the mandate will be claimed when filing 2020 state income tax returns in early 2021. Additional exemptions will be granted through Covered California beginning in January 2020. Financial assistance available: Covered California has financial assistance available for Californians to purchase health insurance. To find out more about health insurance options and financial assistance, visit CoveredCA.com. For information about the penalty for not having qualifying coverage, visit FTB.CA.GOV. See more

Now that summer is here, don't forget to check your withholding status and update as necessary. Please contact me, if you need assistance.