COVID-19 Resource Center
Greenstein, Rogoff, Olsen & Co., LLP (GROCO) CPAs & Advisors remains committed to serving our clients. We hope this email finds you and your family well and in good health. If the COVID‐19 virus is affecting you or a loved one, we wish you and yours a speedy and complete recovery… Continue Reading Letter to Clients
As the global spread of coronavirus (COVID-19) continues to disrupt and threaten lives, GROCO is offering online resources to help clients and friends navigate issues from safety to business continuity created by this world pandemic. Below are recent articles from specialists, as well as links to relevant resources for individuals and business owners. Please do not hesitate to contact your GROCO advisor or email firstname.lastname@example.org, if you have any questions or if there is anything we can do to help. As an essential business, as long as we’re permitted, our doors are open and we will continue to assist clients and others any way we prudently can.
This endeavor is to provide the most useful up-to-date information, but please be advised things are changing rapidly. With posts constantly updating, we suggest you regularly review our content and other, official sources.
Clarification of Tax Treatment of Covered Loan Forgiveness
CARES Act Sec. 1102 provides that a recipient of a PPP loan may use the loan proceeds to pay payroll costs. Click here, For More Information
New Guidelines for Deferring Payroll Tax Obligations
On August 8, 2020, President Trump issued a Presidential Memorandum. Click here, For More Information
Proposed California Tenant Relief and Coronavirus Update
I keep saying: “I’ve never seen anything like this before!”…and then there is more! Click here, For More Information
President Trump Signs Bill to Help Small Businesses with PPP Flexibility
Press Release Friday June 5th, 2020. This morning the president signed into law H.R. 7010. Click here, For More Information
Paycheck Protection Act Update
Since the announcement of the Coronavirus Aid, Relief, and Economic Security ACT (CARES Act), it has sparked both interest and confusion amongst all those considering taking advantage of its benefits. Here is an update on the program. Click here, For More Information
IRS Shutters Some Operations, Self-Employed Get Unemployment and Track Your Stimulus Check
The IRS is unable to process paper tax returns, respond to paper correspondence or staff toll-free live service lines… Click here, For More Information
Latest IRS Tax Extension Clarifications as of Thursday, April 9, 2020 8:03 PM
The IRS is continuing to clarify tax payments, extensions, scams, and special forms. Click here, For More Information
How IRS Can Help Business Owners Hurt by COVID Disaster
We’d like to bring to your attention the possible opportunity to claim a loss and obtain a refund of prior year taxes by claiming a “Disaster Loss” under Internal Revenue Code Sec. 165(i) and claim it in your 2019 tax returns. Click here, For More Information
Why You Should File Your 2019 Return ASAP!
Many individuals, couples, and businesses are putting off filing their 2019 tax returns because; they can. Others, because they qualify for stimulus checks in 2018 but not 2019; it’s not 100% clear yet that this is a good idea. Click here, For More Information
President Trump Signs CARES ACT, What Does this Mean?
Fremont California, March 27, 2020 – As COVID-19 continues to threaten almost every aspect of our lives, our government has expedited passing legislation and President Trump has signed, the Coronavirus Aid, Relief, and Economic Security (CARES) ACT. Click here, For More Information
House and Senate Passes $2.2 Trillion Bill to Support Economy During Virus Pandemic
Click this PDF to see details. CARES-Act_03-27-20_CPAmerica_updated
New Details From the IRS on July 15 Tax Deadline, Audit Relief
The IRS has provided answers to questions about the new Tax Day, including IRA deadlines. It also won’t start new audits and is easing other enforcement actions. Wall Street Journal Website
The AICPA on Thursday urged Treasury and the IRS to provide broader tax filing and payment relief for taxpayers affected by the ongoing COVID-19 pandemic.
Click Here, For More Information
COronavirus (Covid-19) TAX Information
Economic Impact Payments, What you need to know.
No Action is needed by most people at this time! Click here, for more information
Paycheck Protection Program (PPP Program) that was part of the CARE ACT
Here is a summary by GROCO Partner Steve Singer on How to take advantage of the Paycheck Protection Program
IRS unveils new People First Initiative; COV-19 effort temporarily adjusts, suspends key compliance programs
WASHINGTON – To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. IRS Website
Individual and Business Tax information Summary
Congress passed (with only one “no” vote in the House of Representatives) and the President signed (on 3-27-20) the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. Short Summary of CARES ACT by Partner Ron Cohen
Here is a brief summary touching upon of a wide range of tax information, as of March 19, 2020, resulting from the COVID-19 pandemic that is of relevance to federal tax professionals and their clients. Click here, for more information.
Federal Tax Return Filing Deadline Moved to July 15, 2020
On March 20, a statement from Treasury Secretary Steven Mnuchin read “all taxpayers and businesses will have additional time to file and make payments without interest or penalties.” At the time we informed our clients to expect a formal clarification or announcement from IRS to follow, we were correct. A much-needed clarification followed a few days later announcing an actual deadline extension. Click here, for more information.
Tax Payment Deadline Extended by IRS for 90 Days
On March 17, Treasury Secretary Steven Mnuchin said the IRS will allow taxpayers to defer some tax payments for 90 days, which would otherwise be due on April 15, 2020. The following day, the IRS issued Notice 2020-17 to provide official guidance regarding postponing federal income tax payments due April 15, 2020. However, in response to growing pressure, due to the Covid-19 pandemic the filing deadline has also been pushed back. Click here, for more information.
Some Tax Filing Deadlines Extended – Current IRS and California FTB Guidance
Federal and state tax authorities have responded to COVID-19 by announcing extensions of various tax filing deadlines for most taxpayers. Click here, for more information.
Resources for Assistance
Disaster Assistance for Small Businesses
The SBA is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19. As of March 20, eligible states and districts include Arizona, California, Colorado, Connecticut, Delaware, District of Columbia and Florida. Click here, for more information on the SBA Website.
California Residents, to Shelter-in-Place
On March 19, California Governor Gavin Newsom issued a statewide order for all residents to stay at home amid the coronavirus pandemic. Unless essential needs dictate otherwise, residents are instructed to stay in their homes. Click here, for more information
Security is Essential when Working from Home or Teleworking
As more of us start working from home or working remotely, we must all increase our focus on security. Managing this will be a challenge for most IT departments. Here is an article from the NIST blog about secure telework for an end user and can be used to supplement your organization’s remote work policies. Click here, for the article.
Precautions to Consider from the World Health Organization (WHO)
On March 11, the World Health Organization (WHO) announced the outbreak of COVID-19 as an official pandemic. They also provided suggestions to consider. Click here, for more information.
San Francisco COVID-19 Small Business Resiliency Fund
The City put in place measures to support small businesses battling the pandemic such as, the deferral of business taxes and licensing fees, as well as the launch of an economic relief fund. Click here, for more information.
Ring Central Providing Free Technology Services
To those affected by COVID-19. Ring Central is helping these eligible communities:
• K-12 schools facing closure due to COVID-19 virus
• Nonprofit organizations (Health and Welfare Services) fighting COVID-19 (Click here, for more information)
• Healthcare providers fighting COVID-19
Click here, for more information.
Additional Resources for Assistance
New Business Relief Package Passes
To help families and businesses through the Covd-19 pandemic, on March 18, the Senate passed a coronavirus aid package called the Families First Coronavirus Response Act (FFCRA). It expands benefits and protections, including a mandated paid sick leave and expansion of the Family Medical Leave Act (FMLA) for organizations under 500 employees, expansion of Medicaid and unemployment benefits, and orders free coronavirus testing. Click here, for more information..
State of California – Employment Development Department (EDD)
To help prevent the spread of Covid-19, employees and employers should review, and when necessary, revise their health and safety procedures. The EDD provides support services to individuals affected by COVID-19 in California. Click here, for more information.
For non-California policies, visit local employment department websites in your area.
For more information, please contact your GROCO advisor.
All information contained within GROCO’s Business continuity and/or Covid-19 Resource Center is intended as general information only and is not professional advice, including but not limited to, legal, tax, accounting, business, financial, investment or other professional services. This information is not a substitute for such professional advice or services, as such, it should not be used as a basis for any decision or action. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. GROCO is not, nor shall it or any employee be, responsible for any loss sustained by any person or entity that relies on any information contained on this or any web page directly or indirectly, associated with GROCO or GROCO.com.