To our Valued Clients,
We are reaching out during these uncertain times to provide information on the Coronavirus Response Act which passed the House of Representatives on March 27th, 2020. How does this affect you?
The bill states that stimulus checks will be sent by the IRS. The stimulus will be based on your 2018 or 2019 adjusted gross income levels and have a phase out at income levels above $75,000 for individuals and $150,000 for married filing joint taxpayers.
For small businesses, lending institutions and the SBA have yet to announce a streamlined method of applying and accessing funds for small businesses. In the meantime, we are partnering with banks and the SBA to create the best onramp to receive stimulus package benefits as soon as possible. Programs include SBA loans, loan forgiveness, and grants for emergency economic injuries including an advance of up to $10,000 from the SBA.
Navigating through the stimulus program and the SBA loan process can be overwhelming. JL Wennes, CPAs is here to help. Please contact our office to discuss in further detail.
Janet L Wennes, CPA
Dear Valued Clients:
We would like to begin by thanking you for allowing us to continue assisting you with your tax filing needs. We hope everyone is staying healthy and giving yourself grace in these unpredictable times.
We will remain open as long as permitted to assist our clients with their tax needs. Our team is working diligently as the upcoming April 15th deadline approaches and we feel confident in assisting our clients during these uncertain times. However, to accommodate and help foster flattening the curve, we will be conducting all meetings by phone. We ask that our clients upload documents to our secure portal or drop them off through the mail slot at the front door. We have the means to provide tax returns and signatures electronically and will be doing so moving forward. Our staff is readily available to make these processes seamless for you. In the event that our office is forced to closed, we will continue ongoing operations remotely.
Please rest assured that we are following local and national updates daily and will continue to maintain the highest level of safety that you have come to expect. The IRS has issued Notice 2020-17 which allows for taxpayers to defer payment of final 2019 tax payments and first quarter 2020 estimated tax payments otherwise due April 15 until July 15 without interest or penalties.
The California Franchise Tax Board previously announced the extension of tax payments for those impacted, directly or indirectly, by the crisis for 60 days until June 15. It is possible that the FTB will match the 90 day payment extension of the IRS.
Again, thank you for being a valued client with JL Wennes CPAs. We understand that navigating these uncharted waters is very difficult for everyone, and if there is anything we can do to provide further peace of mind, please let us know. We are here for you and we will all get through this together, one day at a time.
JL Wennes CPAs