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The IRS and California Franchise Tax Board have given certain victims of California wildfires that began on August 14th an extension until December 15th, 2020 to file and pay various individual and business tax returns. Individuals and households who reside or have a business in the following counties qualify. Taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief.

  • Lake
  • Monterey
  • Napa
  • San Mateo
  • Santa Cruz
  • Solano
  • Sonoma
  • Yolo

The following deadline extensions allow the postponement of certain tax-filing and tax-payment deadlines:

  • Federal estimated tax payments normally due on September 15th are now due by December 15th.
  • Federal 2019 returns on extension normally due to file on October 15th are now due on December 15th. However, tax payments related to these 2019 returns were due on July 15, 2020 and are not eligible for this relief.
  • Calendar-year tax-exempt organizations whose previous 2019 extensions were due to end November 15.

For additional information on tax extensions for filing and payment of taxes, contact your B|O|S Wealth Manager and/or tax advisor.

Sources:

https://www.irs.gov/newsroom/irs-announces-tax-relief-for-california-wildfire-victims

https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2020-10-california-taxpayers-affected-by-wildfires-granted-extension-to-file-2019-returns.html

Filed under: Financial Planning

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