FEDERAL AND STATE TAX DEFERRALS

FEDERAL INCOME TAX DEFERRAL:  Following President Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.  The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest.  This guidance does not change the April 15 filing deadline.

Click here for more information on federal tax issues related to the COVID-19 Pandemic.

CALIFORNIA INCOME TAX:  The Franchise Tax Board (FTB) today announced special tax relief for California taxpayers affected by the COVID-19 pandemic. Affected taxpayers are granted an extension to file 2019 California tax returns and make certain payments until June 15, 2020

Click here for more information about California income taxes.

CALIFORNIA PROPERTY TAXES:  Our industry is asking for a delay in the collection of the second installment of property taxes that is due April 10th or at a minimum an automatic waiver of any penalties for 90 days.  The date of collection is statutory so the Gov or legislature can change that.  We ask our members to press this request with local and statewide leaders as it is one way to help mitigate the impact shelter at home orders are having on commercial real estate and our tenants.

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