The IRS will begin accepting and processing 2020 tax year returns for individual filers on Friday, February 12, 2021. This start date will allow the IRS time to do additional programming and testing o...
The IRS has expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities. The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer an...
The IRS released the optional standard mileage rates for 2021. Most taxpayers may use these rates to compute deductible costs of operating vehicles for:business,medical, andcharitable purposes.Some me...
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) would re-open during the week of January 11 for new bor...
The IRS has released final regulations with the procedures under Code Sec. 6402(n) for identification and recovery of a misdirected direct deposit refund. This guidance reflects modifications to the l...
The IRS has announced that it is extending its temporary acceptance of certain images of signatures (scanned or photographed) and digital signatures on documents related to the determination or collec...
California Gov. Gavin Newsom has proposed sending $600 stimulus payments to roughly four million low-income Californians. The Golden State Stimulus, a 2021-22 State Budget proposal, would provide rapi...
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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.