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.

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