KIMMEL OFFERS TAX UPDATES
With the news surrounding the Coronavirus (COVID-19) changing so rapidly, the Bequette and Kimmel accounting firm has shared some information as it pertains to this tax season that we thought is worth passing along.
Federal Tax: Congress is working through several fiscal policy proposals. It is very likely that whatever relief is passed will include tax incentives that will need to be carefully planned for.
The Treasury and IRS recently announced that the tax payment deadline will be extended 90 days, to July 15, and the IRS will waive interest and penalties for certain taxpayers. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less. However, at this time you are still required to file your return by April 15 or get an extension. An automatic extension is likely to be granted by IRS, but that has not been announced.
Per IRS notice 2020-20, individuals can defer paying their 2019 individual income tax and their first and second estimates to July 15 without incurring any interest or penalties. Corporations and trusts can defer 2019 taxes owed and their first and second estimates to July 15, 2020.
California Tax: The state has granted extensions and payment deferrals to 2019 individual filers, partnerships and LLCs, and quarterly estimated tax payments until July 15, 2020, This also includes LLC fees.
In this same summary John Kimmel mentioned that his Quincy office is following the CDC guidelines on protecting his staff and clients. He has currently stopped all tax season appointments and is limiting contact to just the transfer of data and returns at this time.
MESSAGE FROM PLUMAS BANK
Here’s a brief recap of just some of the information Plumas Bank’s president and CEO Andrew Ryback has said regarding COVID-19. They too are closely following the latest guidance from the CDC as well as other state and federal agencies.
Banks are considered essential businesses and, as of now, their branches, loan offices and client resource centers are open and fully operational to meet client needs.
“Our community’s health is top of mind. We have implemented enhanced cleaning procedures and social distancing for our branches, loan offices and administrative buildings. For our team members and clients, we are following the CDC guidelines; asking people to stay home when sick, reviewing client traffic patterns and branch staffing needs, and ensuring adherence to best practices. We offer remote and out of branch banking services 24/7. Clients can bank from the comfort of their homes with ready access to online banking and mobile banking services,” Ryback said.
Additionally, they have ATMs at all their branches. Clients and businesses can use the night drop outside of each branch and deposits will be credited to their account the next business day.
“We have plans in place as well as resources for dealing with this crisis. Our bank is well capitalized and well positioned to serve local communities during this health crisis. Our branch managers and loan officers are reaching out to clients to understand their concerns, offering flexibility where possible and facilitating access to disaster relief resources,” he said. For a complete report go to plumasbank.com.