IRS is now joining CA with postponing 2020 Q1 estimate due 4/15 to be paid 6/15.
Quick Summary of all IRS and CA Updates:
- Need to file an extension to avoid late filing
- No late payment penalties or interest for 2019 balances due if paid by 7/15 for IRS and 6/15 for CA.
- CA might be changing their 2019 payment date from 6/15 to 7/15 to match IRS, we’ll see.
- 2020 estimated taxes an be postponed from 4/15 to 6/15
- C-Corps have different rules, see prior posts.
- A Treasury proposal circulated Wednesday 3/18 that envisions two rounds of payments, one starting April 6 and one starting May 18, around $1K. Noting official passed.
- Watch out for scammers with COVID-19 IRS scams, please check with us for anything unusual.
- IRS is processing refunds and we are working as fast and as long as we can to keep up with this surge of processing tax returns.