Here’s one last reminder that California’s sales and use taxes are due July 31, 2020. Sales and use taxpayers are expected to meet this deadline for: the June tax return (for accounts that report monthly; for the first quarter 2020 return (for quarterly and quarterly prepay accounts that we don’t owe in excess of $1 million); and the tax return for July 1, 2019, through June 30, 2020, for fiscal yearly accounts. Contact us with questions.
Interest rates on California tax overpayments and underpayments in California will change soon. Beginning in Jan. 1, 2021, through June 30, 2021, the adjusted interest rate on personal income tax underpayments and overpayments will be 3%. On corporation tax underpayments, the rate will decrease from 5% to 3%. And on corporation tax overpayments the interest rate will decrease from 2% to 0%. Contact your Linkenheimer CPA with questions.