The California Franchise Tax Board (FTB) announced on Friday that taxpayers affected by the COVID-19 pandemic will be granted an extension of time to file their 2019 California tax returns as well as an extension to make certain payments of tax. The relief applies to various tax filing and payment deadlines between March 15, 2020 and June 15, 2020, which includes:
- Partnerships and LLCs taxed as partnerships – the March 15th deadline has been extended until June 15th
- Individual filers – the April 15th deadline has been extended until June 15th for both tax return filing and quarterly estimated tax payments
The FTB’s June 15th extended due date may be pushed back even further if the Internal Revenue Service grants a longer relief period.
To date, only a handful of states, including Maryland, Oregon, and Washington, have formally announced tax relief as a result of the COVID-19 pandemic. We anticipate that the Internal Revenue Service and additional states will release guidance in the upcoming days and weeks for taxpayers affected by the pandemic, which we will continue to monitor.
Please feel free to contact your WG advisor if you have any questions or concerns regarding how your tax situation may be affected by COVID-19.