FILING DATE EXTENDED

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.