We understand this has been an extremely stressful time over the last ten days.  The world has seemingly changed overnight with the global pandemic coupled with the meltdown of the financial markets.  First and foremost, we need to consider the health and safety of our family & friends, team members, clients, and the community over heightened concerns about the Coronavirus (COVID-19).  We have been closely monitoring the CDC’s recommendations to limit person-to-person contact. Therefore, we have initiated a policy that will allow us to remain fully operational while maintaining social distance, including many of our team members working remotely and our offices undergoing increased cleanings, as preventative measures.

During this time, you can expect the same level of service as we continue to move through busy season. For your safety as well as those of our team, we ask that you limit your interaction with us to phone calls and emails. To allow for recommended social distancing, we want to limit office visits and in-person meetings. We will be in touch if a meeting was scheduled that needs to be adjusted to a phone call or video conference meeting.  Finally, we ask that you send us any documentation or files through our secure sharefile portal that can be found on KROSTCPAs.com.

Beyond our office procedures, there are several initiatives that we want to make you aware of as you or your business navigate the impacts of this pandemic. First, most of you probably heard that yesterday Secretary of the Treasury Steven Mnuchin announced that taxpayers can delay paying their income tax for up to 90 days (60 days for CA).  This applies to individual tax payments up to $1M and corporate tax payments up to $10M.  Also, Governor Gavin Newsom has extended the state and local tax filing deadlines for California, waiving fees for late filing. And maybe most importantly, local businesses now have the option to apply for Small Business Loans during this time of public emergency, so please reach out to us for guidance, as necessary.

In addition to these updates, we’ve included some helpful resources about how to stay safe at this time and where you can find the latest updates from the CDC. Please see the links below for more information.

  • Governor Newsom Extends State and Local Tax Deadline in Light of COVID-19 Pandemic
  • How to Secure an SBA Loan if Your Business is Impacted by the Coronavirus (COVID-19)
  • What to do if you are sick with coronavirus disease 2019
  • CDC Media Telebriefing Update COVID-19
  • AICPA State Filing Guidance for the Coronavirus Pandemic
  • Coronavirus and Its Impact on Financial Reporting
  • H.R. 6201: Families First Coronavirus Response Act
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