Federal and State Filing Deadlines
The past few weeks have brought about several changes to filing and payment deadlines that may have caused confusion. The following is an outline of those deadlines as they stand today.
Federal Deadlines
IRS announced that the federal income tax filing date is automatically extended from April 15, 2020 to July 15, 2020. Further, taxpayers may also defer income tax payments due on April 15, 2020 to July 15, 2020. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
Taxpayers do not need to file additional forms or call the IRS to qualify for this federal tax filing and payment deferment. Taxpayers are still able to request additional filing extensions beyond the July 15, 2020 by filing the appropriate forms.
California Deadlines
For consistency, the California Franchise Tax Board (“FTB”) has matched the IRS’ deadlines. Much like the federal deadlines, California taxpayers do not need to file anything with the FTB to take advantage of these extensions.
Refunds
Refunds are still being processed and paid by the IRS and FTB. If you are owed a refund, you are urged you to file your return as soon as possible to ensure prompt processing. The IRS has indicated that some operations have been affected by COVID-19, so processing times may be negatively impacted.
Preovolos Lewin, ALC is here to help. We will keep you informed as changes occur. Feel free to contact us at (619) 696-0520 with any specific questions you may have concerning tax issues.