On September 10, 2020, the Senate failed to pass the Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act. This bill was described as a targeted proposal, and included...
The IRS has warned taxpayers who have not yet filed their 2019 tax returns that higher penalties will be imposed if they file after September 14. Taxpayers who submitted an extension of time to file t...
The IRS has announced that it is temporarily allowing the use of digital signatures on certain forms that normally require a handwritten signature. The following forms can be submitted with digital ...
The IRS had announced that it would temporarily allow the use of digital signatures on certain forms that cannot be filed electronically; the Service has now added several additional forms to that...
The IRS has temporarily suspended the mailing of three notices—CP501, CP503, and CP504—to taxpayers who have a balance due on their taxes. The IRS is taking this step to avoid confusion for taxpay...
The IRS announced the launch of the Bi-Partisan Budget Act (BBA) Centralized Partnership Audit Regime website. The website intends to be a one-stop location for anything BBA-related including regulat...
The IRS will be providing Form 1040 in Spanish for the first time as part of a larger effort to reach underserved communities. The IRS’s newly expanded multilingual initiative is a key part of helpi...
The Franchise Tax Board (FTB), in consultation with the Treasurer and the Department of Finance, must develop a comprehensive plan for a California Economic Improvement Tax Voucher Program. The FTB mu...
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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.