True Partners Insights

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. […]

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 […]

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.  […]