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UP Compliance in a COVID-19 Environment

The last thing people need to worry about now is how to maneuver the already complex requirements of unclaimed property compliance with the added concerns brought about by COVID-19. That’s why the Team at True Partners Consulting LLC has created a “just the facts” summary of relevant information below that we hope will be helpful as you try to determine the impact of COVID-19 to filing deadlines or extension requests.  […]

March 28, 2020

Congressional Action on the COVID-19 Pandemic: The Coronavirus Aid, Relief, and Economic Security Act

Summary Congressional Action to Date In response to the COVID-19 crisis, government officials in Washington DC have taken a number of actions related to the economic effects of the crisis including legislation, regulatory action, and government agency action.  The immediate focus has been on immediate, “crisis-specific” proposals, but there will also be discussion of longer-term actions that will be necessary to deal with the economic consequences of the virus crisis. […]

March 26, 2020

IRS Q&A About Extended Filing and Payment Deadlines

Yesterday the IRS issued a set of answers to frequently asked questions (“Q&A’s”) to further clarify the relief granted to taxpayers due to the ongoing COVID-19 pandemic.  On March 20, 2020, the IRS issued Notice 2020-18 which provides for an automatic 90-day extension (to July 15, 2020) of the filing and payment deadline for all Federal income tax returns and payments previously due on April 15, 2020.  Notice 2020-18 supersedes […]

March 25, 2020

California Extends Filing & Payment Deadlines to July 15th for Millions of Taxpayers; Waives Interest & Penalties

On March 19th, California Governor Gavin Newsom requested broad-based federal support to help address the immediate and devastating economic disruption the outbreak of the novel coronavirus (“COVID-19”) is having on Californians.  Acknowledging that California’s families were already struggling with a crisis in the cost of living due to a variety of ongoing factors, Governor Newsom implored Congress to provide “substantial economic intervention” to help middle-class families avoid failing into poverty.  […]

March 24, 2020

Tax Issues Addressed by COVID-19 Emergency Legislation and Government Proposals

Summary In response to the COVID-19 crisis, government officials in Washington DC have taken a number of actions related to the economic effects of the crisis including legislation, regulatory action, and government agency action.  The immediate focus has been on immediate, “crisis-specific” proposals, but there will also be discussion of longer-term actions that will be necessary to deal with the economic consequences of the virus crisis. Prior to the crisis, […]

March 20, 2020

Federal Tax Payments Extended 90 Days

As the world continues to grapple with the COVID-19 pandemic, President Trump’s declaration of a national emergency paved the way for the IRS and Treasury Department to help lessen the impact of economic disruptions caused by the virus by increasing liquidity and relieving taxpayer burdens.  At a press conference held by members of the Coronavirus Task Force on March 17, 2018, Treasury Secretary Steven Mnuchin outlined his plan to add […]

March 18, 2020