Now more than ever, it’s important to cut through the noise and seek out wisdom from industry experts whose research explains exactly what is going on with our economy. n an exclusive interview on The Brian Buffini Show podcast, real estate leader Brian Buffini spoke with Dr. Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of REALTORS®, to separate market fact from fiction during these unusual times. The state of the market is constantly changing, but I hope this gives you some peace-of-mind as you navigate it. This too shall pass.
As you probably know, the CARES Act was signed into effect to offer financial support to all Americans. These benefits help everyone from large corporations, to small business--whether they are an S Corp, or LLC or Sole Proprietor--to individuals. I have spent quite a few hours on calls around this, so if you have any questions, I'm happy to discuss what I have learned and share some webinars I have viewed. However, I am not a tax adviser, so you are of course urged to contact your own CPA / tax adviser to discuss your own situation. Keep in mind that there is a lot of conflicting info out there, even on some government sites, but this handout has been very flushed out by top experts, so I would be comfortable starting with it. Please share with others as it is very informative.
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Tax Assessor has no authority to extend the April 10 deadline, as outlined by State Law, however Los Angeles County property owners affected by the COVID-19 virus may have late penalties cancelled if they are unable to pay their property taxes by the April 10 deadline. Beginning on April 11, the day after property taxes are due, people unable to pay on time for reasons related to COVID-19 may submit a request for penalty cancellation online. The department has set up a special team to process these requests for those who demonstrate they were affected by the outbreak.The County is encouraging all property owners who can pay their taxes on time to do so. Even if you are only able to make a partial payment, this revenue helps keep the government running and providing vital services that the public relies on, especially in times like these.
Top 5 Do's and Don'ts
Link to LA County Tax Assessor FAQs
Whether you are an S-Corp, an LLC or an independent contractor/ sole proprietor, there are some programs in placeas part of the CARES act to help get you through these tough economic times.