Emmanuel A. Santos, JD CPA Incorporated

Looking forward to learning about changes in estates and trusts on this two-day Estate and Gift Tax Conference. It will cover an array of topics centered on everything from planning for high-net-worth clients to international tax updates.

Good news! Just when a probate client thinks that this money is gone, we proved to them that we are serious about minimizing taxes so more wealth can be transferred to the beneficiaries. We just saved them $148k in taxes plus got them a refund. Statute of limitation has run out but it feels good that they don’t have to pay that $148k tax bill.

As many California residents continue to work remotely, many are leaving the Golden State to move to states that have lower tax rates. Here is a nice article that explains how you can avoid being taxed by CA state if you decide to continue working remotely for a CA based company. CA's tax collection agency is very aggressive so plan accordingly.

Here are the key tax issues you need to know if you will be working remotely permanently Whether you're thinking of working from your home office or from your lake cabin getaway, there could be tax implications. Here's what you should know.

The July 15 tax deadline is just days away. If you are looking for tax deductions, consider opening a retirement plan for you or your business. It can help in saving you taxes. Here is a link to the IRS Pub 3998 that explains the various retirement plans for small businesses.

www.irs.gov

We have been getting a lot of inquiries about where to get financial help during the COVID-19 crisis. Below are some links to help you understand where to get tax and financial assistance during this difficult time. The State of California and the City of San Francisco's COVID-19 assistance programs are way below.

1. Federal stimulus package details:
Learn more about the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the relief package that provides lump-sum checks to many Americans, defers payroll taxes for eligible small businesses, and more. https://proconnect.intuit.com/taxprocenter/tax-law-and-news/is-the-tax-deadline-delayed-what-to-know-about-coronavirus-covid-19-and-taxes/

2. Stimulus package for small businesses and self-employed:
Payroll tax relief, small business payroll loans and unemployment benefits for self-employed workers are available. https://quickbooks.intuit.com/r/news/stimulus-package-benefits/?cid=DR_em_46639_002_SA_web_FTU_Text2_US_QBOA

3. What is the Paycheck Protection Program?:
Determine loan eligibility and learn how to apply, how much you may be able to borrow, and get information regarding repayment or forgiveness terms. https://quickbooks.intuit.com/r/payroll/what-is-paycheck-protection-program/?cid=DR_em_46639_002_SA_web_FTU_Text4_US_QBOA

4. Families First Coronavirus Response Act:
Get information about paying employees National Sick Leave and applying a credit to payroll taxes. https://quickbooks.intuit.com/learn-support/en-us/help-articles/ffcra/00/517349

5. State of California's COVID-19 State of Emergency
Effective April 2, 2020, small business taxpayers, those with less than $5 million in taxable annual sales, can take advantage of a 12-month, interest-free, payment plan for up to $50,000 of sales and use tax liability.
https://www.cdtfa.ca.gov/services/covid19.htm -business-payment

6. San Francisco Resources for Businesses and Employees Impacted by COVID-19:
Mayor London Breed and Board of Supervisors Announce $10 Million Small Business Relief Fund to Support Small Businesses Impacted by COVID-19. City commits $9 million to launch new zero interest loan fund and adds $1 million to the City’s Resiliency Fund, increasing support for workers and small business. https://oewd.org/resources-businesses-and-employees-impacted-covid-19

What to know about COVID-19 and taxes: deadline delays, the CARES Act and more Intuit is in close communication with the IRS and State Departments of Revenue about changes to the 2019 tax filing season and stimulus packages as a result of COVID-19 and will provide the latest …

On Wednesday, March 18, President Trump signed into law the Families First Coronavirus Response Act, or H.R. 6201, which includes relief for individuals, self-employed and businesses.

(1) Relief for Individual Taxpayers. Eligible employees impacted by COVID-19 may receive paid sick and emergency sick leave.

(2) Relief for Self-Employed and Small Businesses. The Families First Coronavirus Response First Act provides relief in the form of refundable tax credits for sick leave and family leave for eligible self-employed and small business owners.

Click link below for details.

Is the Tax Deadline Delayed? What to Know About Coronavirus (COVID-19) and Taxes Intuit is in close communication with the IRS and State Departments of Revenue about any potential changes to the 2019 tax filing season as a result of COVID-19 and will provide the latest informat…

What a relief! IRS will move tax filing deadline to July 15 due to coronavirus. California FTB also pushed the deadline to July 15.

IRS moves tax filing deadline to July 15 as coronavirus spreads, Mnuchin says President Donald Trump ordered the IRS federal income tax filing extension to help deal with the coronavirus pandemic's economic fallout, Treasury Secretary Steven Mnuchin said.

Unlike the IRS, CA FTB extended the tax filing deadline and granted relief to taxpayers affected by COVID-19. This relief includes moving the various tax filing and payment deadlines that occur on March 15, 2020, through June 15, 2020, to June 15, 2020. This includes:

*Partnerships and LLCs who are taxed as partnerships whose tax returns are due on March 15 now have a 90-day extension to file and pay by June 15.

*Individual filers whose tax returns are due on April 15 now have a 60-day extension to file and pay by June 15.

*Quarterly estimated tax payments due on April 15 now have a 60-day extension to pay by June 15.

The FTB’s June 15 extended due date may be pushed back even further if the Internal Revenue Service grants a longer relief period.

More Time to File, Pay for California Taxpayers Affected by the COVID-19 Pandemic | FTB.ca.gov More Time to File, Pay for California Taxpayers Affected by the COVID-19 Pandemic

Treasury Secretary Steven Mnuchin announced that his department is pushing back the April 15 tax payment deadline (NOT FILING DEADLINE), giving individuals and many businesses 90 extra days to pay taxes they owe.

Individuals can defer up to $1 million of tax liability and corporations get an extension on up to $10 million, Mnuchin said Tuesday at a press conference.

“All you have to do is file your taxes,” he said. “You’ll automatically not get charged interest and penalties.”

Treasury delays April 15 tax payment deadline by 90 days for millions Treasury Secretary Steven Mnuchin announced that his department is pushing back the April 15 tax filing deadline, giving individuals and many businesses 90 extra days to pay taxes they owe.

It’s official! I’m a Tax Law Specialist according to the State Bar of California.

As we head towards the end of tax season, here is a link to our newsletter with some last minute tax tips.

Emmanuel A. Santos' Loose Change Newsletter March/April 2019 Issue

Another happy client in the books. We just saved the client some money and got all the penalties abated.