FTB Issues Updated Tax-Relief Information

time-relief-covid-19.jpg

California FTB Updates Tax-Relief
to Match Federal Rules

Our apologies for the frequent notifications but things are changing at a rapid clip and the California Franchise Tax Board (FTB) just announced that it is postponing until July 15 the filing and payment deadlines for all individuals, trusts, and business entities. This is a change from their announcement of last week (the added time was originally until June 15) and a welcome improvement. The additional postponement applies to the following:

  • 2019 tax returns;

  • 2019 tax return payments;

  • 2020 1st and 2nd quarter estimate payments;

  • 2020 LLC taxes and fees; and

  • 2020 Non-wage withholding payments.

The FTB extended their initial extension period of June 15, 2020, to be more consistent with the IRS extension relief they just issued. Like the IRS extension, the FTB extension applies to both filing and payment deadlines but does not limit the payment extension to those below $1 million ($10 million for corporations), and applies to estimated tax and non-wage withholding payments.

Also important is that, like the IRS just announced, the FTB is also extending this relief to all taxpayers, not just those "affected by the COVID-19 pandemic."

If you are one of our many clients that files an income tax return in a state other than California call or email us for the latest filing information for your state. We have clients in all states so we are watching everything closely and will help you stay current. You can email us at info@schollcpa.com or call us at (831)758-5966 with any questions or concerns.

We continue, however, to strongly recommend proceeding with the preparation of your 2019 tax return as you normally would be doing, in particular if you are expecting a refund. Feel free to call us with any assistance.