Greetings from the Cobalt Compliance and Advisory Services Team -- we hope this update finds you healthy, safe, and enjoying the rainy (and sunny) spring weather.
We have updated our COVID-19 Relief Resources Guide -- as a reminder, updated versions of this and our other resources, as well as links to government websites that are relevant to COVID-19 relief programs are available on our COVID-19 Resources Page.
We're hard at work preparing tax returns for the new July 15, 2020 deadline. We're actively monitoring the situation, and will update you if this deadline is deferred. For now, we're prioritizing clients who are getting refunds or need tax returns for other reasons, and as most of those have been completed, we're reaching out to clients that we haven't heard from to make sure we're set up to get your information as soon as possible. If you haven't sent in your 2019 tax information, please do so as soon as possible!
For those with quarterly payment requirements, please note that Oregon estimated tax payments are still due by June 15, 2020 -- contact us if you need to review what you should pay. Federal estimates, as well as California estimates (and many other states), have been deferred to July 15, 2020 for both Q1 and Q2.
We're actively working with clients who have obtained Paycheck Protection Program ("PPP") Loans, and there are still PPP funds available (~$100 billion as of this morning), so if you qualify but haven't applied yet, you should consider this program to meet short-term cash flow needs if you have been impacted by COVID-19. If you've obtained PPP funds, and need assistance with how to maximize loan forgiveness or prepare documentation for the forgiveness portion, contact us for details on how we can help.
If you need assistance with other resources that are available, including payroll tax deferral, FFCRA paid sick leave and paid family leave, or EIDLs, please don't hesitate to contact our team at 503-239-8432 or support@cobaltcpa.com. We're happy to fill you in on what we know and see how we can help you get the support you need.
We're planning to keep our office closed to visitors for the time being. Our staff is all working remotely -- we're ensuring that mail and other materials dropped at our office are retrieved frequently, that weekly and one-off checks are mailed securely, and that all of our departments are operating "business as usual." We've been enjoying connecting with our clients by Zoom meeting and telephone (we're seeing most of you by Zoom more than we see you in the office!).
Please reach out to us if you have any questions -- we're here for you and are standing ready to help each of you in any way that we can.
Thank you,
-Adam