Tax Filing and Payment Deadlines Updated

Wendel Rosen LLP and its attorneys remain ready and able to assist you during the business disruptions caused by COVID-19. Please know that our firm’s investments in information technology allow us to fully operate while working remotely.

During this time we will also try to keep you updated on key business topics that could affect your business. Below is the latest on the Federal and State tax extensions.

Federal Extensions

The IRS has issued various notices in the last several weeks providing for postponements of tax return filings and tax payments.  On April 9, the IRS issued Notice 2020-23, which provides additional clarification and postponements.  Under Notice 2020-23, nearly all federal tax returns and tax payments due on or after April 1, 2020, and by July 14, 2020, are now automatically postponed until July 15, 2020.  This includes, but is not limited to, individual income tax returns, corporate income tax returns, partnership returns, fiduciary income tax returns for trusts and estates, estate and generation-skipping transfer tax returns, and gift and generation-skipping transfer tax returns, and all tax payments related to those returns.

Quarterly estimated tax payments normally due between April 1, 2020, and July 14, 2020, are also postponed until July 15, 2020.

No penalties or interest will apply to the postponed taxes, so long as they are paid by July 15, 2020.

You can learn more at:  https://www.irs.gov/coronavirus.

California Extensions

The FTB has postponed until July 15 the filing and payment deadlines for all individuals and business entities for:

• 2019 tax returns
• 2019 tax return payments
• 2020 1st and 2nd quarter estimated payments
• 2020 LLC taxes and fees
• 2020 Non-wage withholding payments

FTB is applying the extensions to all California taxpayers. Learn more at ftb.ca.gov.

Please contact your accountant or return preparer or make other arrangements concerning the Federal and California income tax extensions.

We will watch for further information on tax filing changes and other business updates, keeping you updated as appropriate.