18 Mar Important COVID-19 Actions: What to know about tax changes and links to other Federal, State and City resources
In light of the sweeping impact the COVID-19 pandemic is having on our community, the IRS, the FTB, the EDD, the SBA, and the city of Los Angeles have responded swiftly and decisively to support us both nationally and locally. Our hearts go out to everyone around the world who has been affected by this pandemic. As an accounting firm, we will continue to do our part and keep you informed with the most accurate and up-to-date information. We can all get through this together. Stay safe.
IRS Tax filing update
Treasury and IRS to delay tax season deadline by 90 days
Taxpayers will get a three-month reprieve to pay the income taxes they owe for 2019, Treasury Secretary Steven Mnuchin said on Tuesday at a news conference. As part of its coronavirus response, the federal government will give filers 90 days to pay income taxes due on up to $1 million in tax owed, Mnuchin said in Washington. The reprieve on that amount would cover many pass-through entities and small businesses, he said.
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CA tax filing update
More time to file, pay for California taxpayers affected by the COVID-19 pandemic
The Franchise Tax Board (FTB) today announced special tax relief for California taxpayers affected by the COVID-19 pandemic. Affected taxpayers are granted an extension to file 2019 California tax returns and make certain payments until June 15, 2020, in line with Governor Newsom’s March 12 Executive Order.
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Employment Development Department
Rapid Response Services for Businesses
What is Rapid Response?
Rapid Response is a proactive, business-focused program designed to assist companies facing potential layoffs or plant closures. Rapid Response teams provide early intervention assistance to help avert potential layoffs, and immediate on-site services to assist workers facing job losses. Rapid Response services are tailored to each company based on the needs of the affected employees. These services are carried out by state and local workforce development agencies in partnership with the America’s Job Center of CaliforniaSM network.
EDD is providing a variety of support services/resources
California is responding to the spread of a respiratory illness caused by a new coronavirus (COVID-19). While investigations to learn more about the virus are ongoing, workers and employers should review their health and safety procedures to help prevent exposure to the virus. The EDD provides a variety of support services to individuals affected by COVID-19 in California. For faster and more convenient access to those services, we encourage the use of our online options.
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Economic & Workplace Development Department
Los Angeles City Small Business Emergency Microloan Program
California is responding to the spread of a respiratory illness caused by a new coronavirus (COVID-19). While investigations to learn more about the virus are ongoing, workers and employers should review their health and safety procedures to help prevent exposure to the virus. The EDD provides a variety of support services to individuals affected by COVID-19 in California. For faster and more convenient access to those services, we encourage the use of our online options.
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U.S. Small Business Administration
Small Business Guidance & Loan Resources
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.