COVID-19 Financial Response Plans
Updated: Aug 4, 2020
We hope the past week has seen you healthy (if somewhat isolated) and that you and your families are weathering the developing COVID-19 situation.
Over the past week, the Cobalt Compliance and Advisory Services Team has been hard at work talking to clients and understanding how the new government resources that are becoming available will impact our clients and their businesses. Both Bryant and I have been working one-on-one with clients to review how this crisis will impact them. While many of these are still in progress (and changing by the hour), we're constantly monitoring developments and will update our Coronavirus Relief Resources Guide any time there are major updates.
We have worked to consolidate much of our guidance for clients into new COVID-19 Financial Response Plans -- we've completed four different versions, for personal clients, for real estate investors, for real estate property managers, and for real estate owner/managers. Please check these out on our new COVID-19 Resources Page. For our Advisory Services clients, we're standing ready to assist with implementing these plans for your particular situation -- call or email us as soon as possible to get a meeting on the calendar.
The Oregon Department of Revenue announced yesterday that it will follow the new IRS deadline for individual and corporate tax returns, automatically postponing the due date for returns and payments to July 15, 2020. This does not include Q1 2020 estimated tax payments for Oregon, so we'll be reaching out to you if we think you should make an estimated payment by its April 15 due date. The City of Portland has not yet announced its plan, but is expected to follow the new Oregon dates.
Up-to-date versions of our Coronavirus Relief Resources Guide and our COVID-19 Financial Response Plans are available on our new COVID-19 Resources Page (https://www.cobaltcpa.com/covid19) -- and we'll also continue to send out updates as we get new information.
In the meantime, we're full steam ahead on completing personal and corporate tax returns for the priority clients that we have identified, and we're standing ready to assist with your advisory needs in the coming weeks as we all discover what impact this pandemic will have on our lives.
Our best wishes to you and your family. Don't hesitate to contact us if we can help in any way.