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On March 18, 2020, the IRS released Notice 2020-17 (the “Notice”), which provides more clarity on the postponement of the April 15, 2020 tax payment deadline. The Notice applies to any person (i.e., individual, trust, estate, partnership, association, company, or corporation) with either:
Either of the above constitutes an “Affected Taxpayer”. The Notice does not extend the payment or deposit date for any other type of Federal tax, including, for example, a 2020 second-quarter estimated tax payment due June 15, 2020. Under the Notice:
The Notice does not extend the date to file any tax or information return. Therefore, the Affected Taxpayer must still file a complete tax return or an extension of time to file by April 15, 2020.
Pursuant to a news release dated March 18, 2020, the California Franchise Tax Board (“FTB”) is postponing until July 15, 2020 the filing and payment deadlines for all California taxpayers.
The relief is provided for the following California tax returns and payments:
The FTB is following the federal relief described in Notice 2020-17, but without the dollar limitations. Taxpayers do not need to claim any special treatment or call the FTB to qualify for this relief. During this extension period, the FTB will not impose penalties or charge interest.
We will be monitoring other states for conformity, and as always, please contact your HCVT tax professional if you would like to discuss. During this trying and unprecedented time, the entire team at HCVT is here to assist you.