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Guidant Planning Updates and Tax Filing extended to July 15th

March 31, 2020
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In our continued effort to share up-to-date information with our clients.  We’d like you to know that Guidant Planning, Inc. falls under the essential business umbrella of ‘banks and related financial institutions.’  Which means we are currently operating in a “business as usual” manner and are committed to serving our clients in this challenging time. For your convenience, Guidant Planning, Inc. will be open regular hours Monday through Friday, 8:30 AM to 5:00 PM. 

We are deferring our in person Quarterly Workshop Event which was scheduled for mid-April.  Currently we are exploring other virtual options.  An email will be sent out when updates are available.

Our bi-annual Shred Event is scheduled for Saturday, June 13th at Brookside Park in Pasadena.  Please save this date on your calendars.  Also, it's ultimately up to you to determine which records you should keep on hand and for how long, but here's a suggested timetable for some common documents. http://www.guidantplanning.com/blog/how-long-should-i-keep-financial-records

Multiple counties in California are shutting down all nonessential businesses with their newly issued shelter-in-place orders. No individuals in these counties may leave their houses to go to work unless they work at an “essential” business, except to maintain “minimum basic operations.” Most of these orders extend until April 7 or 8. Many California counties have issued shelter-in-place orders but expanded the definition of “essential” business to allow for a wider range of businesses to remain open for now.  Guidant Planning, Inc. falls under the essential business umbrella of ‘banks and related financial institutions’ listed below.

The primary list of “essential” businesses in most counties include:

  • Health care operations and “essential infrastructure”
  • Grocery stores, certified farmers’ markets, farm and produce stands, supermarkets, food banks, convenience stores, and other establishments engaged in the retail sale of canned food, dry goods, fresh fruits and vegetables, pet supply, fresh meats, fish, and poultry, and any other household consumer products (such as cleaning and personal care products). This includes stores that sell groceries and also sell other non-grocery products and products necessary to maintaining the safety, sanitation, and essential operation of residences
  • Food cultivation, including farming, livestock, and fishing
  • Businesses that provide food, shelter, social services, and other necessities of life for economically disadvantaged or otherwise needy individuals
  • Newspapers, television, radio, and other media services
  • Gas stations and auto-supply, auto-repair, and related facilities
  • Banks and related financial institutions
  • Hardware stores
  • Plumbers, electricians, exterminators, and other service providers who provide services that are necessary to maintaining the safety, sanitation, and essential operation of residences, “essential activities,” and “essential businesses”
  • Businesses providing mailing and shipping services, including post office boxes
  • Educational institutions—including public and private K-12 schools, colleges, and universities—for purposes of facilitating distance learning or performing essential functions, provided that social distancing of six feet per person is maintained to the greatest extent possible
  • Laundromats, drycleaners, and laundry service providers
  • Restaurants and other facilities that prepare and serve food, but only for delivery or carry out. Schools and other entities that typically provide free food services to students or members of the public may continue to do so if the food is provided to students or members of the public for pick-up and takeaway only. Schools and other entities that provide food services under this exemption shall not permit the food to be eaten at the site where it is provided or at any other gathering site.
  • Businesses that supply products needed for people to work from home
  • Businesses that supply other essential businesses with the support or supplies necessary to operate
  • Businesses that ship or deliver groceries, food, goods, or services directly to residences
  • Airlines, taxis and other private transportation providers providing transportation services necessary for essential activities and other purposes expressly authorized
  • Home-based care for seniors, adults, or children
  • Residential facilities and shelters for seniors, adults, and children
  • Professional services, such as legal or accounting services, when necessary to assist in compliance with legally mandated activities
  • Childcare facilities providing services that enable essential employees to work as permitted

The U.S. is extending the April 15 tax-filing deadline to July 15, giving people more time to prepare and pay their taxes during the coronavirus outbreak, Treasury Secretary Steven Mnuchin said Friday.

“All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” Mr. Mnuchin said on Twitter.

Earlier this week, the Internal Revenue Service said that most taxpayers could defer payments until July but would still have to file their tax returns or seek extensions by April 15. That announcement drew quick criticism from lawmakers and tax preparers, who warned that they couldn’t get those filings done or would have to risk their safety and health to do it.

Mr. Mnuchin urged Americans who are expecting tax refunds to file when they can, so that they can get their money.

Mr. Mnuchin’s tweets didn’t specify how the updated deadlines would work. The IRS typically handles that with a detailed notice, but that hasn’t been released yet.

That notice may say whether estimated tax payments are still due in April and June. It may also say whether someone seeking a six-month extension would have to file by October or by January 2021.

It may also specify whether the payment-deferral limits announced earlier this week—$1 million for individuals and $10 million for corporations—still apply.

 

 

 

**PLEASE NOTE: The information above being provided is strictly as a courtesy. When you link to any of the sites provided here, you are leaving this site. We make no representation as to the completeness or accuracy of information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.  Registered Representative offering securities through First Allied Securities, Inc. A Registered Broker/Dealer (Member FINRA/SIPC).  Advisory services offered through Guidant Planning, Inc. and First Allied Advisory Services, Inc. Both Registered Investment Advisers.  Guidant Planning, Inc. is not affiliated with First Allied Securities, Inc. and/or First Allied Advisory Services, Inc.  Allen G. Yee CFP® CWS®, CA Insurance License #0747874