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COVID-19 Updates

Operations & Tax Update 3/20/2020

By March 20, 2020No Comments

Consistent with Governor Newsom’s “Stay at Home” Executive Order issued on March 19, 2020, we have completed the transition of our employees to work from home.  While our office is closed to the public, we continue to maintain critical onsite resources to support our teleworking environment.

We have also learned that Treasury is directing the IRS to automatically extend the filing deadline from April 15 to July 15, 2020.  While we are waiting on specific guidance from IRS on the automatic extension provisions, as of now for individual, trust and estate taxpayers:

  • Up to $1m of 2019 federal and first quarter 2020 estimated tax payments can be deferred until July 15, 2020.
  • Federal second quarter estimated 2020 tax payments are currently due June 15, (although we are monitoring the IRS for a possible update)
  • All 2019 California and 2020 first and second quarter tax payments can be deferred until July 15
  • All 2019 federal tax returns are automatically extended to July 15
  • All 2019 California tax returns are automatically extended to October 15

Please continue to reach out via email or call our main line. Individual extensions are forwarded to our cell phones.  We will work with each client to determine the appropriate path forward.

While we will continue to accept hard copies of any documentation you may be sending us, we encourage clients to use electronic document transmission through our secure portal if possible. Please email your L&B professional and request a “secure upload link” where you can send us your documentation. Alternatively, you may fax any documentation to 858-558-8225.

Our team continues to operate at a high level, working on all aspects of our tax and accounting compliance and advisory services.

We will continue to provide updates as circumstances change.

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