The IRS continues to experience delays mailing backlogged notices due to the volume and restart of issuing notices during the pandemic. The delay impacts some, but not all, IRS notices dated from Nove...
The IRS has reminded employers of filing file Form W-2, Wage and Tax Statement, and other wage statements by Monday, February 1, 2021, to avoid penalties and help the IRS prevent fraud. Due to the us...
Employers that hired a designated community resident or a qualified summer youth employee under Code Sec. 51(d)(5) or (d)(7) who began work on or after January 1, 2018, and before January 1, 2021,...
The IRS has announced that the applicable dollar amount used to calculate the fees imposed by Code Secs. 4375 and 4376 for policy and plan years that end on or after October 1, 2020, and before Oc...
The IRS has announced that it is revising Form 1024-A, Application for Recognition of Exemption Under Section 501(c)(4) of the Internal Revenue Code, to allow electronic filing for the first time, as...
California provides property tax guidance regarding the approval by voters of Proposition 19 at the November 3, 2020, general election.New Sections Added to Article XIII A of California ConstitutionPr...
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UPDATE: Tax Deadline Filing Relief
TAX DEADLINES EXTENDED
The new Notice postpones both the filing and payment deadline to July 15, 2020, for income tax returns and income tax payments normally due April 15, 2020.
Quarterly estimated income tax payments that are normally due April 15, 2020, are also postponed to July 15, 2020.
This relief applies to any “Affected Taxpayer” which is defined as any person with a federal income tax payment or a federal income tax return due April 15, 2020. This includes individuals, trusts, estates, partnerships, associations, companies or corporations.
The relief is automatic, no extension forms are required.
PENALTIES & INTEREST SUSPENDED
The period April 15, 2020, through July 15, 2020, will be disregarded for purposes of any interest, penalty, or additions to tax for failure to file or failure to pay.
Any such interest and penalties, if applicable, will begin to accrue on July 16, 2020.
The suspension of interest and penalties is automatic, no forms or requests for relief are required.
NO OTHER TAX FILINGS OR PAYMENTS COVERED
The relief provisions only apply to income tax returns and income tax payments (including self-employment taxes).
Other information return filings and payments for payroll taxes, state and local sales taxes, property taxes, and other taxes are not covered under Notice 2020-18.
STATE OF CALIFORNIA
As of March 20, 2020, California has indicated that the Franchise Tax Board will follow suit and extend the tax filing and tax payments to July 15, 2020.
WE’LL HELP YOU STAY CONNECTED
We continue to monitor federal, state, and local communications. Additionally, we know it’s important to keep you in the loop. You may also stay up to date on Goehner Accountancy’s communications by connecting with us via our website at goehnercpas.com. Both the IRS and Dept. of Treasury have set up COVID-19 tax relief and guidance information as well at IRS.gov/coronavirus and treasury.gov/coronavirus.
We thank you for your support and please reach out to us if you have questions or concerns.