Filing Deadline Updates, IRS and California FTB
Filing Deadline Updates, IRS and California FTB. The IRS has set up a “Coronavirus Tax Relief” page on their website. We expect, as additional information becomes available and formal guidance is issued, it will be accessible on that webpage.
Federal and state tax authorities have responded to the Coronavirus by announcing extensions of some tax filing deadlines for most taxpayers. At GROCO, we are monitoring these announcements and will provide updates as information becomes available and formal guidance is issued.
Directly from the California FTB website:
If you’re a taxpayer affected by the COVID-19 pandemic, review these resources for more information. Check back for updates on COVID-19 and California income taxes.
COVID-19 FAQs
Information about COVID-19 and filing income taxes. Check back for updates.
Extensions to file and pay
Because of COVID-19, various tax file and pay deadlines moved to July 15, 2020.
News
California Coronavirus Update
On March 12, Governor Gavin Newsom issued an Executive Order announcing special tax relief for filers of 2019 California tax returns. The Executive Order states tax return filings and tax payments with deadlines from March 15 through June 15, 2020 are extended to June 15, 2020.
The Franchise Tax Board (FTB) announced the extensions of the filing and payment deadlines to June 15 includes:
- Partnerships and LLCs taxed as partnerships whose returns are due March 15
- Individual filers whose returns are due on April 15
- Quarterly estimated tax payments that are due on April 15
The FTB filing and payment extensions listed above apply to individual taxpayers and the business tax returns or payments filed with or payable to the FTB. In the FTB’s announcement of the Governor’s Executive Order, although corporate tax filings and payments were not listed, it appears the Executive Order would also apply to corporate tax filings and payments.
We expect the FTB tax filing and tax payment updates will be displayed prominently on the main page of the FTB’s website. Taxpayers can also find the FTB’s March 13 announcement of the Executive Order is also on their website.
In addition to the FTB filings and tax payment extensions, the California Department of Tax and Fee Administration (CDTFA) may be assisting many businesses and some individuals who file returns and reports and remit tax payments to the CDTFA. Sales and use taxes are among the various filings and payments made with the CDTFA. The CDTFA’s website indicates the Governor’s Executive Order authorizes it to assist individuals and businesses impacted by the Coronavirus. Such assistance “includes granting extensions for filing returns and making payments, relief from interest and penalties, and filing a claim for refund.” Taxpayers may request assistance by contacting the CDTFA by phone, email or through the online services on their website.
We are also monitoring the tax deadline extension possibilities in other states outside of California. GROCO will update this communication when tax authorities provide additional information and when formal guidance is issued. Please contact your GROCO tax advisor with any questions.
We hope you found this article about Filing Deadline Updates, IRS and California FTB helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Considerately yours,
GROCO, GROCO Tax, GROCO Technology, GROCO Advisory Services, GROCO Consulting Services, GROCO Relationship Services, GROCO Consulting/Advisory Services, GROCO Family Office Wealth, and GROCO Family Office Services.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO is a proud sponsor of the American Dreams Show.
Entrepreneur Think Deductions, Deductions, Deductions!
Are you an entrepreneur looking for a tax break? Entrepreneurs have a lot on their plate, including living with the financial risk of their entrepreneurial efforts. That’s why it’s so important for any entrepreneur to be aware of any and all deductions come tax time. There are dozens of deductions to be had, but the…
Late Obamacare Forms Could Be Big Problem for Taxpayers
While you may or may not like Obamacare, the fact is the president’s health care plan has caused problems at tax time since its inception. Apparently, this year is no different. According to a recent report, because of a delay in new tax forms for the health law this year, many taxpayers are facing more…
Don’t Forget About These Important Tax Write-Offs
The saying goes that it’s the small victories that count. That saying can be especially true during tax time when for many taxpayers any chance to save even a few dollars more is considered a positive. Plus, when you add up enough of the small victories they can equal a significant reward. With that in…
Have You Heard About These New Income Tax Changes?
February is almost over. Can you believe it? That means the annual income tax return deadline is fast approaching. If you still haven’t done your taxes then there are some important changes you should know about. Hopefully, if you’ve already filed, then you were aware of these changes beforehand. If not, and you think they…