COVID-19 Update – March 17, 2020

By March 17, 2020 COVID-19 Insights

As the impact of COVID-19 increases, we want to inform you about the Firm-wide precautions we are taking to protect the health and safety of our clients as well as our employees and their families all while maintaining a high level of client service.

Squar Milner and Remote Work

As indicated yesterday, we are fully prepared to work remotely. In fact, in the Bay Area, all non-essential businesses are required to close beginning today, March 17th.  As such, effective immediately, Squar Milner will be temporarily closing our San Francisco, San Mateo and Silicon Valley (Campbell) offices and all employees will work remotely. However, in other locations, our offices are still open and our teams are working diligently to service your needs.  Please be assured that business operations will continue at Squar Milner, and clients can expect the same level of service from their Squar Milner team as they have always received.

Meetings

Again, we are available for virtual meetings or phone calls as you desire.

Telephone Contact

If you don’t already have your Squar Milner team member’s cell phone number, please email him, her or them to get it.

Mail

During this time, we encourage sending documents electronically.

Tax Filing Deadline

Yesterday, the Franchise Tax Board (FTB) announced special tax relief for California taxpayers affected by the COVID-19 pandemic. Affected taxpayers are granted an extension to file 2019 California tax returns and make certain payments until June 15, 2020. Note: Although the FTB has not fully defined who is an “affected taxpayer,” we believe they will be liberal in their interpretation.

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, among other things:

  • 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. The FTB will also waive interest and any late filing or late payment penalties that would otherwise apply.

Today, Treasury Secretary Steven Mnuchin provided federal updates. Per the economic stimulus plan, tax payments up to $1 million for individuals can be deferred 90 days. Corporations can defer up to $10 million in tax payments for 90 days. He has advised Americans to “just file your taxes” before the new deadline and “you will automatically not get charged interest and penalties.” Refund issuance will not be affected for those who file.

Financial Statements’ Regulatory/Statutory Deadlines

We will continue to monitor any changes to financial statements’ and annual reports’ regulatory and statutory deadlines and will keep you informed of any such changes.

We appreciate your help and understanding during these serious circumstances. Please feel free to reach out to your Squar Milner team if you have any questions or concerns. We will continue to update you as circumstances evolve.