FTB Deadlines
The California Franchise Tax Board (FTB) is postponing the tax filing deadline to July 15, 2020. This includes:
2019 tax returns
2019 tax return payments
2020 1st and 2nd quarter estimated payments
2020 LLC taxes and fees
2020 Non-wage withholding payments
FTB is extending this relief to all California taxpayers, there is no need to claim any special treatment or call FTB to qualify for this relief. For additional information regarding FTB Covid-19 tax relief, please visit FTB’s website www.ftb.ca.gov and search Covid-19.
The deadline to file with an extension is still September 15 for S-Corps, LLCs, and Partnerships, and October 15 for Corporations and individuals.
IRS Deadlines
The IRS and Treasury Department have announced that tax payers can defer income tax payments until July 15, 2020 to grant relief amid the Covid-19 pandemic.
All individual and other non-corporate tax filers can defer up to $1 million of federal income tax payments to July 15, 2020, without incurring interest or penalties.
Corporate tax payers can defer up to $10 million of federal income tax payments to July 15, 2020, without incurring interest or penalties.
IRS has also postponed the deadline to pay 2020 1st quarter estimated tax payments to July 15, 2020.
Treasury Secretary Steven Mnuchin has announced that tax returns normally due on April 15 will not be due until July 15 this year. The IRS has not yet issued official guidance on the move, Secretary Mnuchin made his announcement via Twitter:
“At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
The deadline to file with an extension is still September 15 for S-Corps, LLCs, and Partnerships, and October 15 for Corporations and individuals.
We will keep you posted, when we have official guidance from the IRS.