COVID-19, CARES Act and KSGA
March 26, 2020
The Senate passed the largest economic stimulus package in recent memory, moving the estimated $2 trillion bill to the House as Congress seeks to give American families and businesses a financial shield against the ravages of the new coronavirus pandemic.
The House is expected to vote on the bill tomorrow and then to the President for signature.
Once it becomes law, we will look at the bill and see how it will help our clients. The IRS, federal and state agencies will soon follow with additional guidelines.
There will be a lot of noise about the stimulus package in the next few weeks. We want to make sure that we provide you with accurate information, for your sake and ours.
As such, we ask that you help us in following ways:
- Until April 15th, please do not call our office unless you are one of our clients severely affected by Coronavirus quarantine (not safer at home order),
- or if your business is seriously affected and the survival of your business depends on the stimulus package,
- if you are expecting refunds or need the assistance from the stimulus package to weather this crisis, we will work on your tax returns,
- if you have to pay, you have until July 15th, so we will work on your returns in May, your understandings would be much appreciated,
- please do not come to our office, if at all possible, especially if you are having respiratory health issues or have low immune system,
- mail your documents or use our Sharefile or fax 562-865-2760 to share with us confidential documents, and
- email or call us, in that order, if you require our immediate attention.
Please stay healthy, keep social distance, wash your hands often and try not to touch your face with your hands.
Steven Y.C. Kang, CPA