16 Apr COVID-19 Update 9: SBA publishes new PPP guidance, CDTFA extensions to file and pay, Direct deposit portal opens, Info on 1031 like-kind exchanges, Further extensions available
Posted at 16:16h
in Insights
SBA Publishes New Paycheck Protection Program Guidance
In Regards to Self-Employed and General Partners
The U.S. Small Business Administration issued a new interim final rule Tuesday that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule for the PPP issued on April 2 and FAQs that are being updated periodically.
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CA Dept. of Tax and Fee Administration
COVID-19 Extensions to File and Pay
Extensions to file and pay sales, used tax and other taxes and fees. Read below for more info.
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Economic Impact Payment Direct Deposit Portal Open (04-15-20)
The IRS opened its direct deposit portal on its website this morning. By clicking on the “Get My Payment” button at www.irs.gov/coronavirus/economic-impact-payments, taxpayers can:
- Enter their bank account information if they hadn’t previously requested direct deposit on a return, or if they want to update their information;
- Confirm the payment type: direct deposit or check; and
- Check their payment status.
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FTB Tax News
COVID-19 1031 Like-Kind Exchanges
For California tax purposes, if a taxpayer’s 1031 like-kind exchange identification period or exchange period is due to expire on or after April 1, 2020, and before July 15, 2020, taxpayer’s identification period and exchange period is extended until July 15, 2020.
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Extensions Available From BOE, CDTFA, EDD, and OTA
On March 12, 2020, Governor Newsom issued an executive order mandating California’s tax agencies to provide payment and filing extensions to California taxpayers.