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.
Seven Signs Your Noncompliance Will Be Considered Willful
Seven Signs Your Noncompliance Will Be Considered Willful There are many ways taxpayers can get the attention of the IRS. Although a lot of people make innocent mistakes when they file their tax returns, there are others who willfully look for ways to skip out on the taxes they owe. The IRS does treat those…
Make Sure Your Heirs Inherit What You Want
Make Sure Your Heirs Inherit What You Want. The saying goes that their only two things that are certain in life: death and taxes. While people can generate endless amounts of money when they’re alive, they can’t live forever and they can’t take that wealth with them when they die. However, they can have a…
Will Taxing the Rich Even More Improve Inequality?
Will Taxing the Rich Even More Improve Inequality? It’s been the cry of democratic lawmakers and many of the less fortunate for years: “We need to tax the wealthy even more.” “The rich have to pay their fair share of taxes, too.” The problem is the rich already pay a huge portion of the country’s…
It Pays to Be Rich for These Five Tax Breaks
It Pays to Be Rich for These Five Tax Breaks Although it’s true that the ultra-wealthy are heavily taxed, and in many cases unfairly, there are also some tax break advantages that favor the upper class more than those in the middle. Let’s take a look at some of these breaks. Most common and first…