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FILING DATE EXTENDED

3/20/2020

The Treasury Secretary announced today that the April 15 filing deadline has been extended to July 15 for all taxpayers and businesses. This means taxpayers will no longer be required to file extensions for federal purposes. They also have until July 15 to pay, so long as they fall below the thresholds of $10 million due for C corporations, and $1 million due for all other taxpayers.
The information released today did not address the second quarter estimate payments due on 6/15, payroll tax filing deadlines, or IRA contribution deadlines. We will update you on this information as it becomes available.

The California Franchise Tax Board is postponing until July 15 the filing and payment deadlines for all individuals, trusts, and business entities for:

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. 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 withholding payments.
Other states will probably take similar actions. If you have questions about what your state has done or is proposing to do, check your local news or the state tax office's website.

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IRS TAKES ACTION

3/19/2020

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The Internal Revenue Service is providing PAYMENT RELIEF to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return. Turner's Tax Service will be happy to process an extension request for you. Please call our office for more information.

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. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief. This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.

This relief only applies to federal income tax payments due April 15, 2020. Some states such as California are following suit but not all states have decided to do so yet. If you are unsure of your state's requirement, please contact Turner's Tax Service.

We are continuing to process tax returns but are currently not offering face-to-face appointments. You may send us your tax documents by mail, fax or electronically. For more information about your individual situation, please call the office at 530-626-8551.

Stay safe!

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UPDATE ON FILING AND PAYING YOUR TAXES

3/18/2020

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The Treasury Secretary made an announcement yesterday about tax relief due to COVID-19.

We expect the IRS to release detailed guidance soon, and we will share that information with you once it is available.

As of now, this is what we understand based on his announcement:

the individual filing deadline is still April 15
those who can file their taxes should file by the normal tax filing deadline
those who can’t file by the deadline should file an extension by April 15
taxpayers, both individuals and corporations, can defer a tax due payment, interest-free and penalty-free, for an additional 90 days after April 15

We anticipate the IRS will also address the following:

whether or not quarterly estimated tax payments can be deferred
any changes related to filing 1041 returns

Turner's Tax Service will continue to monitor this situation and keep you updated.

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POSSIBLE TAX PAYMENT EXTENSION

3/17/2020

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At a press conference held today, U.S. Treasury Secretary Mnuchin announced the following extensions for federal income tax payments:

Individuals and businesses with an April 15 filing deadline will be given an additional 90 days to pay taxes;
Individuals will be able to defer up to $1 million of tax liability; and
Corporations get an extension for up to $10 million.

Mnuchin was not specific about late-filing penalties for either the March 15 or April 15 deadlines, but it appears interest and penalties will be waived automatically. He stated, "All you have to do is file your taxes. You will automatically not get charged interest and penalties."

Turner's Tax Service will provide additional information when formal guidance is issued by the IRS.

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FILING DATE EXTENDED

IRS TAKES ACTION

UPDATE ON FILING AND PAYING YOUR TAXES

POSSIBLE TAX PAYMENT EXTENSION

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