The CARES Act was signed into law on March 27. Though not exhaustive, there are things that strike us as worthy of mentioning. There is much more in the bill itself, ...
We cherish the health and safety of our employees and clients so we are currently working remotely and doing our part to help keep this virus from spreading. Rest assured, however, that we are here for you and will continue to provide uninterrupted service and support for our clients and friends in every way possible. See below for updates on tax and deadline changes and anything else we feel you need to know. We will continue to bring you these updates as we get them. From our house to yours, we hope you stay healthy and safe during these uncertain times.
For us, the real magic comes from setting our clients’ core values as the foundation of the advisement we provide them.
We believe that a business’s health is not judged by its bottom line alone, but that financial capital is a by-product of four other capitals – human, social, intellectual and structural — which are driven by our clients’ unique values and priorities. Being mindful of these gives us the insights necessary to customize solutions based on the individual tax compliance, assurance, due diligence, accounting or advisory needs of our clients.
It’s not about what we do; it’s about what you get.
We understand that your personal and professional values are very different than those of your competitors; and we’ll help you build your business successfully without compromising them. Our approach, along with our highly developed strategic communication method, combined with our team-based structure, sets us apart from the rest. By providing our clients long term perspective and innovative accounting solutions, our clients can focus on pursuing their business success.
Since 1976, Our team has been working together to develop our unique client strategy.
We place a great deal of attention on the values, principles, knowledge, relationships and abilities that allow for wealth creation. Our values-based model for wealth transition influences human, intellectual, social and structural capital to support and promote growing financial capital.
At RSJ, we are dedicated to serving a diverse client group. Our professionals have experience serving clients across many industries in both domestic and international capacities. Some examples of this are, but not limited to, individuals, privately held companies, non-profit organizations, private equity companies and public companies.
RSJ is at the top of our game when it comes to tax-minimization strategies for asset growth, protection and transfer. We have always known that something was missing from traditional estate planning for high-net-worth families. Over the years, we have generated an expert model of techniques which allow us to approach sensitive and complicated issues that could potentially arise with high-net worth families. Because, not every high-net-worth family group is the same, we are able to apply these models by fine tuning them to fit the needs of our clients depending on their circumstances.
Though not exhaustive, there are things that strike us as worthy of mentioning. There is much more in the bill itself, so you might want to take a glance through it. It is something like 800 pages, however, so we did our best to highlight some key points for you.
Some of these changes may not affect the filing of state income taxes at all. Each state is different. Check your individual states, counties and cities for other programs or requirements as you make moves to utilize the relief items in this bill.
We do know that the Federal income tax filings and payments normally due on April 15 have been postponed to July 15. The Federal 2nd quarter estimated tax payments still have to be made on June 15. However, the California second quarter estimates, originally due June 15, have been extended to July 15. Other states have followed suit about delaying payments.
The estimated taxes for 2020 that are normally due on June 15, will remain that way. Also, those that are fiscal year filers are still required to get their taxes and/or their extensions filed on their normal due date. For example, January 1st corporations are still due on May 15, 2020, as they always were.
There is also some relief in HR 6201, the Families First Coronavirus Relief Act. This provides relief but also requirements of business for the payment of sick pay and family leave. See your accountant and payroll provider as well as you HR professional for more details.
Now to the CARES ACT H.R. 748
Payroll Protection Program
Individual Tax Relief
Business Tax Relief
A friend of mine signed up for hockey lessons last week. She’s 45 and, by her own account, not much of an athlete. When she told me, I raised an eyebrow. “Hockey less...