Because of the ongoing financial turmoil, both the IRS and California FTB are cutting many individuals and businesses some slack.
For federal income taxes, we now have until July 15 to file and pay what we owe. For a full update, please click here.
For the State of California, we now have until July 15 to both file and pay what we owe to the Franchise Tax Board (FTB). The FTB will not charge interest or penalties for this delay. The FTB has postponed the filing and payment deadline for all individual and business entities, including the 1st and 2nd quarter estimated tax payments for 2020. A complete guide of filings and revised due dates can be found here.
For those who have already filed and are expecting a refund, nothing has changed; this does not mean you will have to wait any additional time for your refunds. Other states have started to enact similar extensions. For a current list of extension information state by state, click here.
We are closely monitoring the situation and will pass along any updates as they become known.