I know, it is the last thing you want to think about. Me too. But, it is unavoidable. COVID-19. Taxes. At the same time.
The State of California has already released extended due dates for tax returns and payments. I think one can reasonable expect (hope) the US Treasury (IRS) to follow within the next few days.
I am sending you a link to Governor Newsom's order on 03/12/2020 regarding the extensions of time to file and pay business and personal taxes. There are other parts of the order that you may find helpful as well. Govenor Newsom's executive order is https://www.gov.ca.gov/wp-content/uploads/2020/03/3.12.20-EO-N-25-20-COVID-19.pdf
I am also sending you a link to the FTB's press release about the nuances of the additional time to file. The FTB's press release may be found here: https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2020-2-more-time-to-file-pay-for-california-taxpayers-affected-by-the-covid-19-pandemic.html
In case you are thinking that you are not directly affected regarding taxes. You are incorrect. If you are now self isolating, your business is closed, or reduced hours, you are affected. If you children are now home and you are unable to do your work as usual, you are affected. If you are caring for someone else who is ill - no matter what type, you are affected. AND, your tax preparer - that is me, has been affected because of the additional time needed to help other clients to prepare for the impacts to their businesses. So, as far as I am concerned, - you are affected.
While I am continuing to work diligently on your tax returns, please understand that I also have demands that were unanticipated - from learning about the relief available to both businesses and employees, to helping to create plans and to discuss other risk mitigation with clients. We are all working together to keep each other afloat in these challenging times.
What this means for you, is that if I haven't yet filed your tax returns, you may be under the extended due date set by California. Since, for pass-through entity purposes, you will not have a Federal tax due, because of the nature of pass-through entities, I may have to use the extended due date per the FTB and Gov. Newsom's order. Please do not be worried by this.
And, if you are curious what measures we are taking, my normal prevention practices are strong and multi layered to keep me healthy during tax season, which already includes minimizing public contact, getting good sleep, a bit of exercise outside, and supporting my immunity through whole foods, vitamins, etc. During the next few weeks ( I hope that is it), I will continue to limit in person meetings to only those if there is no other way. All other meetings will continue to be done via phone and / or Zoom.
Having said this, I want to take a moment to remind everyone that the strengths of our local economy is built on the backs of small businesses. So, if you are thinking about buying anything, please consider your source. Let's keep supporting each others' local businesses as much as possible. Those dollars tend to be spent within our community, not sent out of state, or out of country to a large organization who frankly, will be better able to weather this event.
I hope that you understand, and that you keep yourself and your family healthy.
#COVID19 #CaTaxduedates
The State of California has already released extended due dates for tax returns and payments. I think one can reasonable expect (hope) the US Treasury (IRS) to follow within the next few days.
I am sending you a link to Governor Newsom's order on 03/12/2020 regarding the extensions of time to file and pay business and personal taxes. There are other parts of the order that you may find helpful as well. Govenor Newsom's executive order is https://www.gov.ca.gov/wp-content/uploads/2020/03/3.12.20-EO-N-25-20-COVID-19.pdf
- March 15 (16th) deadlines will now be due to file and pay by June 15.
- Individuals due on April 15 are now due by June 15 (file and pay).
- Additionally, quarterly estimates due on April 15 will be due by June 15.
I am also sending you a link to the FTB's press release about the nuances of the additional time to file. The FTB's press release may be found here: https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2020-2-more-time-to-file-pay-for-california-taxpayers-affected-by-the-covid-19-pandemic.html
In case you are thinking that you are not directly affected regarding taxes. You are incorrect. If you are now self isolating, your business is closed, or reduced hours, you are affected. If you children are now home and you are unable to do your work as usual, you are affected. If you are caring for someone else who is ill - no matter what type, you are affected. AND, your tax preparer - that is me, has been affected because of the additional time needed to help other clients to prepare for the impacts to their businesses. So, as far as I am concerned, - you are affected.
While I am continuing to work diligently on your tax returns, please understand that I also have demands that were unanticipated - from learning about the relief available to both businesses and employees, to helping to create plans and to discuss other risk mitigation with clients. We are all working together to keep each other afloat in these challenging times.
What this means for you, is that if I haven't yet filed your tax returns, you may be under the extended due date set by California. Since, for pass-through entity purposes, you will not have a Federal tax due, because of the nature of pass-through entities, I may have to use the extended due date per the FTB and Gov. Newsom's order. Please do not be worried by this.
And, if you are curious what measures we are taking, my normal prevention practices are strong and multi layered to keep me healthy during tax season, which already includes minimizing public contact, getting good sleep, a bit of exercise outside, and supporting my immunity through whole foods, vitamins, etc. During the next few weeks ( I hope that is it), I will continue to limit in person meetings to only those if there is no other way. All other meetings will continue to be done via phone and / or Zoom.
Having said this, I want to take a moment to remind everyone that the strengths of our local economy is built on the backs of small businesses. So, if you are thinking about buying anything, please consider your source. Let's keep supporting each others' local businesses as much as possible. Those dollars tend to be spent within our community, not sent out of state, or out of country to a large organization who frankly, will be better able to weather this event.
I hope that you understand, and that you keep yourself and your family healthy.
#COVID19 #CaTaxduedates
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