A breif overview to help you understand how the Coronavirus is effecting tax filing dealines
How are the tax filings and payment requirements changed
Federal Tax Deferral
On March 21, 2020 The IRS released bulliten IR-2020-58, which announced the federal income tax filing is automatically exteneded from April 15, 2020 to July 15, 2020. All payments due to the IRS are also extended to July 15, 2020 without penalties or interest, regardless of amount owed.
No additional forms or extension are required to take advantage of this extened filing/payment date.
The normal extension to file later than 7/15/20 will be available as usual.
We do not believe this will elimintae any interest or penalties imposed for the late payment of 2019 estimated taxes, nor is there any news on any other type of tax, other than personal income tax.
Refunds are unaffected. Underpayment penalties for periods before April 15th appear to still apply.
Additonal information is available on the IRS website:
State Tax Deferral
California Executive Order
The California Franchise Tax Board (FTB) announced that all returns and payments previously due on April 15, 2020 will now be due on July 15, 2020.
Additional CA information may be found here:
This brief summary of the tax reform act is provided for your information. Any major financial decisions or tax-planning activities in light of this new legislation should be considered with the advice of a tax professional. Call 805.389.7300 if you have questions regarding your particular situation.
As a valued client, we consider you to be a member of our DiSabatino family and your health and safety are as important to us as that of our own families. To ensure your continued well-being, we are taking the following steps to protect you and our team:
Although we are currently accepting client drop-off of documents, we highly encourage you to provide your documents electronically. If you need assistance with this, please contact our office at (805) 389-7300.