This afternoon the IRS finally followed up on Secretary of the Treasury’s prior comments about some relief of penalties and interest for the late payment of taxes by releasing IRS Notice 2020-17. Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due.
Shelter in Place Ordered - Important Update
We want you to know about the following temporary operating adjustments that we are making until we are through the current public health crisis and with the shelter in place order issued today by the County of Monterey.
We are asking our team to work from home full time. Many of us already work from home on a regular, albeit periodic, basis. For many years we have been completely paperless and fully digital with all our files and all our systems securely hosted at redundant secure sites. This shift will be transparent to our clients, but we wanted to share that we are conscious of the need to do our part to protect our families, our communities and our clients.
FTB Announces Coronavirus Tax Relief
We do have some important news to bring you on the filing of your state of California income tax returns and estimated tax payments – and no, unfortunately the Treasury and IRS have not provided any guidance at all as of the time of this email for what they plan. Be careful not to believe all you read on social media, etc. As soon as anything federally is officially implemented, we will let you know right away.
On Friday, The Franchise Tax Board (FTB) announced special tax relief for California taxpayers affected by the COVID-19 pandemic. “Affected taxpayers” are granted an extension to file 2019 California tax returns and make certain payments until June 15, 2020, in line with Governor Newsom’s March 12 Executive Order. This relief includes moving the various tax filing and payment deadlines that occur on March 15, 2020, through June 15, 2020, to June 15, 2020.