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While the threat of Coronavirus exists, we are all working from home. If you have tax documents to deliver, please do so via your client portal and if you need to communicate with our team please get in touch via email, Microsoft Teams, or Zoom.

In addition, we highly recommend that you visit the CDC website for current guidelines on good hygiene practices to prevent the spread of COVID-19 and other respiratory diseases. Our main focus is the continued good health of everyone!

Please be sure to reach out to us with concerns or questions. We are here to help!

LATEST FEDERAL UPDATES

 

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Tax filing extension


March 20, 2020 On March 20, Treasury Secretary Mnuchin announced that the tax filing deadline has been extended to July 15, 2020. According to Mnuchin, “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” Note that this is a follow-up announcement to Notice 2020-17 that had previously only extended the payment deadline until July 15, 2020.




Tax update: Treasury Department and IRS defer tax payment deadline 90 days


March 19, 2020 The Treasury Department and the IRS have announced special payment relief in response to the COVID-19 pandemic. This information is contained in Notice 2020-17. Key details are as follows:

  • The income tax paymentdeadline for individual returns is automatically extended until July 15, 2020 for up to $1 million of 2019 tax due.
  • Payment relief applies to all individual returns—including self-employed individuals and all entities other than C Corporations (e.g., trusts or estates).
  • For C Corporations, the income tax payment deadline is also automatically extended until July 15, 2020 for up to $10 million of 2019 tax due.
  • Tax payment relief also includes estimated tax payments for 2020 that are normally due April 15.
  • Postponement of tax payments applies to federal returns only.
  • While payments can be deferred, the filing deadline has NOT been extended. Taxpayers are expected to file returns by April 15, 2020, or file an extension.
  • The IRS encourages Americans who can file their taxes before April 15, 2020 to do so in order to take advantage of any refund due to them.
Our firm continues to monitor announcements from the IRS regarding additional changes to filing and payment due dates and will keep you informed. If you have questions, be sure to reach out to us. Our entire team is here to support and guide you!




Family and Medical Leave Act (FMLA) expanded to provide relief to those affected by COVID-19


March 20, 2020 “The Families First Coronavirus Response Act” (FFCRA), which goes into effect April 2, 2020 and expires December 31, 2020, responds to the coronavirus outbreak by providing additional assistance in the areas of COVID-19 testing, sick leave, food assistance, and more. We’ve compiled key details of FFCRA that we believe you need to know. In summary, the Act:

  • Requires private insurance plans to provide free COVID-19 testing
  • Requires employers to provide emergency paid sick leave to workers affected by COVID-19 and expands family and medical leave.
  • Offers increased funding for state unemployment insurance, food stamp and nutritional programs.
More specifically, here’s what The Families First Coronavirus Response Act means for both business owners and employees in the areas of sick leave and expanded family and medical leave.
  • Employees are eligible for up to two weeks of sick leave (full pay for self, 2/3 pay for family care) for illness, quarantine or school closures.
  • Employees are eligible for up to 12 weeks of FMLA leave for school closures (10 days unpaid and then up to 10 weeks at 2/3 pay).
  • FMLA expansion covers:

  • Employers with fewer than 500 employees
  • Employees who have been employed for at least 30 calendar days (some exclusions may apply)
  • Employees who must care for children under the age of 18 in the event of school and place-of-care closures or if care provider is unavailable due to a public health emergency with respect to COVID-19.
  • Emergency paid sick leave covers:
  • Employers with fewer than 500 employees
  • All employees no matter the length of employment (some exclusions may apply)
  • Small businesses with fewer than 50 employees may qualify for exemption from the requirement to provide leave due to school closings or child care unavailability if the leave requirements would jeopardize the viability of the business as a going concern.
The Coronavirus situation is changing rapidly, as are the updates to various relief efforts. We will continue to monitor news and keep you updated as clarification is provided. If you have questions, be sure to reach out to us. Our entire team is here to support and guide you!




U.S. Small Business Administration (SBA) offering disaster assistance in response to COVID-19


March 21, 2020 Under the recently enacted Coronavirus Preparedness and Response Supplemental Appropriations Act (the Act), small businesses that have suffered substantial economic injury as a result of COVID-19 can apply for low-interest federal disaster loans through SBA. Small businesses and nonprofits can apply for working capital loans of up to $2 million. We’ve highlighted the following key details of the Act for you here, but you can also learn more by visiting the COVID-19 disaster assistance page on SBA’s website.

  • State governors must first request access to the Economic Injury Disaster Loan program. Once the declaration is made, information on the application process for disaster loan assistance will be made available to affected small businesses within the given state.
  • Loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits.
  • Loans can be used to cover accounts payable, debts, payroll and other bills.
  • Loans can be offered with long-term repayments in order to keep payments affordable—up to a maximum of 30 years. Terms are determined on a case-by-case basis.
  • Businesses will apply for loans online and select “Economic Injury” as the reason for seeking assistance.
  • SBA offers disaster assistance via its customer service center. If you have questions or want to check if your state is eligible, contact U.S. Small Business Administration via phone at 800-659-2955 (TTY: 800-877-8339) or e-mail disastercustomerservice@sba.gov.
The Coronavirus situation is changing rapidly, as are the updates to various relief efforts. We will continue to monitor news and keep you updated as clarification is provided. If you have questions, be sure to reach out to us. Our entire team is here to support and guide you!





ABOUT US

Mengali Accountancy is a boutique CPA firm located in beautiful Healdsburg, California, in the heart of wine country, with clients located from coast to coast. We specialize in back-office accounting, bookkeeping, and tax preparation services, primarily in the real estate industry, including developers, syndicators, private equity funds, real estate investment trusts, and high net worth individuals.

 

Our dedicated professionals show genuine interest in our clients: we ask the thoughtful questions to get to the heart of what is most important to them—and we listen. The human touch is a critical part of providing accounting services. We put our clients at ease and value the privilege of being part of their extended management team. 

Our fast-paced office environment encourages collaboration and teamwork to develop the innovative solutions and strategic insights that deliver bottom-line results. With cutting-edge technology and streamlined business processes, we consistently provide effective, responsive, and professional service. Welcome to our website, we look forward to meeting you in person soon.
 

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Mengali Accountancy is a highly professional, values-driven firm committed to hiring and investing in excellent people. Our corporate culture is very fast-paced yet encourages open collaboration and a team atmosphere. Our beautiful, inviting, well-equipped offices offer a highly desired place to work. Mengali Accountancy has been recognized as a “Best Places to Work in the North Bay” award winning office each year since 2015.

We encourage you to explore our website to learn more about our core values and what drives us as a team.

MISSION

 

We provide peace of mind to our clients by continually exceeding expectations, proactively solving problems, and creating customized processes to deliver accurate results. We empower their success.

VISION

 

We are a next-generation accounting firm: always striving for excellence by promoting personal and professional growth, leveraging the use of technology, and serving as a valuable resource to our community.

VALUES

 

As dedicated professionals, we work together to achieve the highest standards of excellence with our commitment to ourselves, our clients, and our community. We value accuracy and integrity in the services we provide and the manner in which they are performed. Our relationships are based on mutual respect, and we believe that collaboration produces better results. Our dependability and caring nature enable us to develop positive client relationships. Living these values allows us to realize our vision as a next-generation accounting firm.

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