Tax Deadlines: COVID-19 Revised Filing and Payments
The Internal Revenue Service and state governments have extended deadlines for filing and payment of tax liabilities, as shown below:
- Federal income tax returns and payments due April 15, 2020, and 2020 first quarter estimated tax payments due April 15, 2020, are now due July 15, 2020. This includes BEAT (Base Erosion Anti-abuse Tax) payments and installment payments from Section 965, Transition Tax Installment Payments.
- Federal 2nd quarter payment deadline remains at June 15, 2020.
- New York State and California filing deadlines for 2019 follow the Federal deadlines.
- View full listing of state and local tax filing deadlines at the AICPA’s State Tax Filing Guidance Chart.
- The deadlines to place IRA contributions for 2019 has also been extended to July 15.
- Importantly, as of March 29, the only tax returns subject to the new July 15 are income tax returns. Therefore, trust, estate, gift, and other tax returns that would have been due on April 15 are still due on that date. Also, Foreign Bank Account Reporting and Forms 5471/5472 have not yet been extended, so taxpayers will be required to report foreign activities by the unextended due date.
State/Local Tax Deadlines and Benefits for San Francisco Companies
California income tax deadlines:
- Partnerships and LLC’s
- Original deadline: March 15, 2020
- New deadline: June 15, 2020
- Individuals:
- Original deadline: April 15, 2020
- New deadline: July 15, 2020
- Quarterly estimated tax payments:
- Original deadline: April 15, 2020
- New deadline: July 15, 2020
*Governor Newsom provided an abatement of penalties and interest for 60 days
City of San Francisco tax deadlines:
- Small Business quarterly estimated tax payments:
- Original deadline: April 30, 2020
- New deadline: March 1, 2021 (these estimated payments will be due along with the annual tax payment for the 2020 tax year)
- Business License fee payment:
- Original deadline: March 31, 2020
- New deadline: June 30, 2020
- For San Francisco residents, you may qualify for the Small Business resiliency fund:
- Grants up to $10k for employee salaries and rents
- Applies to businesses with 1-5 employees
- Demonstrate a loss of revenue of more than 25%
- Have less than $2.5m in gross receipts
- Sand Francisco COVID-19 Small Business Resiliency Fund
State/ Local Deadlines and Benefits for New York Companies
New York State income tax deadlines:
- Tax deadline is extended to July 15, 2020
- Payment Guidance
- If a taxpayer is unable to pay their tax bills in full, they may qualify for an installment payment agreement (IPA).
- Under the agreement, they will make monthly payments toward their unpaid tax balance
- The fastest and easiest way to request an IPA is through the taxpayer’s online account. Through their account, the taxpayer can request an IPA for a balance of $20,000 or less, and with 36 or fewer scheduled monthly payments
New York City business and excise tax deadlines:
- Tax filing and payment deadline is extended to July 15, 2020