CA tax - Linkenheimer LLP CPAs & Advisors

California Tax Updates for June 12

Update1:

Business owners in some California counties may file their business property statements electronically, due to the COVID-19 pandemic. The CA State Board of Equalization (SBE) informed county assessors that they could choose to accept electronically filed business property statements, if assessors submit proper procedures to the SBE for approval. The SBE strongly encourages each County Assessor to accept electronic filing in light of Governor Gavin Newsom’s stay-at-home order issued March 19, 2020. Contact your Linkenheimer CPA with questions about filing in your county.

Update 2:

New sales and use tax changes take effect soon in California. Effective July 1, 2020, the tax rate changes apply only within indicated city limits, said the CA Dept. of Tax and Fee Administration (CDTFA). The tax rates, tax codes and acronyms will be available to view and download on July 1, 2020, on the CDTFA website. Rates are organized into two categories: 1. District tax rate increasing, subdivided […]

By Linkenheimer LLP|2020-09-03T20:02:32+00:00June 12th, 2020|ca, CA tax, New Tax Laws|0 Comments

California Tax Updates for May 21st

Update 1:

Do you still have questions about how California helps those affected by the novel coronavirus (COVID-19) pandemic? The CA Franchise Tax Board (FTB) has just updated its frequently asked questions (FAQs) by adding a section on the individual status letter (also known as a veteran affairs status letter). These letters help individuals get student loans or Veteran Affairs financing. They also show third parties such as employers that the letter holder has no outstanding CA income tax obligations. If you have questions, please contact your Linkenheimer CPA. You can also learn who may obtain an individual status letter and how, and get answers to a wide variety of questions by visiting the FTB here: https://bit.ly/2AuMxwb

Update 2:

Are you part of the California gig economy? The CA Franchise Tax Board (FTB) has updated its gig economy webpage, which it created to provide information to those who use platforms such as Uber, Lyft, […]

By Linkenheimer LLP|2020-09-03T20:02:54+00:00May 21st, 2020|ca, CA tax, california, ftb|0 Comments

California Tax Updates for April 15th

Post 1:

Special tax relief is available for certain filing and payment deadlines, said the California Franchise Tax Board (FTB), in response to the coronavirus (COVID-19). The FTB has posted on its website a spreadsheet of certain filing and payment deadlines for all individuals and businesses entities. The spreadsheet has been updated to include information on real estate withholding, nonresident, nonwage, withholding and foreign partner or member withholding. https://bit.ly/2yoWpGK

Post 2:

Small California businesses get interest-free payment plans for sales tax, effective April 2. Governor Gavin Newsom is allowing businesses with sales less than $5 million to defer payment of sales and use taxes, up to $50,000, for up to 12 months, said the CA Dept. of Tax and Fee Administration (CDTFA) (other help may also be available for larger tax liabilities). For taxpayers choosing to defer their first quarter 2020 liability, for example, their tax liability would be paid in 12 monthly installments, […]

By Linkenheimer LLP|2020-09-03T20:03:06+00:00April 15th, 2020|business, ca, CA tax, california, New Tax Laws, tax deadlines|0 Comments

IRS FAQs Address 90-day Filing and Payment Extension

The IRS has released a set of Frequently Asked Questions (FAQs) that clarifies certain aspects of the 90-day filing and payment extension provided in Notice 2020-18. Among other things, the FAQs explain that Notice 2020-18 postpones the filing and payment of federal income taxes reported on Form 1040, Form 1041 , Form 1120, Form 8960, Form 8991 , and Form 990-T (if that form is due to be filed on 4/15/20). The due date has not been postponed for Form 1065, Form 1065-B , Form 1066, Form 1120-S, payroll taxes, excise taxes, estate and gift taxes, and Form 990-T (if that form is due 5/15/20). The FAQs also provide that the deadline for making contributions to an IRA, HSA, or Archer MSA for 2019 has been extended to 7/15/20. The IRS continues to consider additional guidance on these issues and cautions taxpayers that FAQs are not citable as legal authority. The FAQs can be accessed at www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers If you have questions about how these changes may effect you and your business, please contact your Linkenheimer CPA.

By Linkenheimer LLP|2020-09-03T20:03:13+00:00March 26th, 2020|business, CA tax, irs, New Tax Laws, tax deadlines, tax implications|0 Comments

Coronavirus (COVID-19) Tax Relief and California Updates

As we mentioned in our last post, taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer making federal income tax payments, which are due on April 15, 2020, until July 15, 2020, without penalties and interest, regardless of the amount they owe. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. They can also defer their initial quarterly estimated federal income tax payments for the 2020 tax year (including any self-employment tax) from the normal April 15 deadline until July 15.

No forms to file

Taxpayers don’t need to file any additional forms to qualify for the automatic federal tax filing and payment relief to July 15. However, individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868. Businesses who need additional time must file […]

By Linkenheimer LLP|2020-09-03T20:03:14+00:00March 25th, 2020|business, CA tax, filing deadline, irs, New Tax Laws, tax deadlines|0 Comments