Important COVID-19 Updates
For information on COVID-19:
For information on California Labor: https://www.labor.ca.gov/coronavirus2019
For Small Business Administration Disaster Resources:
Payment Deadline Extended to July 15, 2020
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.
This payment relief includes:
Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.
Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.
This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15
This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details. More information is available at https://www.taxadmin.org/state-tax-agencies.
Families Response Act
The U.S. Senate approved the “Families First Coronavirus Response Act,” which will provide immediate relief to American workers and families during this challenging time. For more information about the package, please see the press release.
The Senate passed , the Families First Coronavirus Response Act. This bill provides, among other things, provisions to address Paid Sick Leave, Paid Family and Medical Leave, and Unemployment Insurance for workers displaced by the ongoing outbreak. Furthermore, it includes provisions to provide diagnostic testing for coronavirus, and bolsters Medicaid and nutrition programs for at risk populations. Below is a chart from the House Ways and Means Committee which describes the employer paid leave requirements and the tax credit provisions. You may
There are many questions about coverage for business owners and the damage being done to the loss of income, and if their insurance covers this type of loss. The broad general answer is that there is no coverage provided on most if not all policies. The wording may vary a little, but generally speaking, the exclusionary wording would be as follows:
"We will not pay for loss or damage caused by or resulting from virus, bacterium, or other micro-organism that induces or is capable of inducing physical distress, illness, or disease. This exclusion also applies to action of civil authority."
That said, each business owners should check with their agent or insurance carrier, and confirm this information. It is also suggested that you keep track of your loss of income for this period of time, should you need documentation in case the government opts to provide some type of relief package.
This information may vary from company to company, but generally, the wording above is what is included in most business insurance policies. Please contact your insurance agent or insurance carrier to review your specific policy and coverage as some carriers may have a different or additional coverage.
Southern California Gas Company
Nonprofits can apply to receive a grant!