Tuesday, 29 September 2020

Franchise Tax Board announces actions to help businesses impacted by COVID-19

SACRAMENTO – Prompted by the COVID-19 pandemic, California Franchise Tax Board leaders on Friday announced they would grant an extension to file 2019 California tax returns and make payments until June 15, in accordance with Gov. Gavin Newsom’s March 12 executive order.

Also, partnerships and LLCs that are taxed as partnerships and whose tax returns are due on March 15 now have a 90-day extension to file and pay by June 15.

The new extensions apply to any business entity with a California return or payment due between March 15 and June 15.

This includes corporations, s-corps, LLCs, partnerships, and other entity types with returns due during this period.

Individual filers whose tax returns are due on April 15 now have a 60-day extension to file and pay by June 15.

To help Californians impacted by recent public health measures, State Treasurer Fiona Ma said she is working with the governor and the Legislature to urge the following actions over the next six months:

· Suspend the $800 LLC tax and the LLC fee for the prepayment of the 2020 calendar tax filing year;

· Extend the state sales tax filing deadlines without interest, penalties or fines on late payment.

Due to business disruptions during this time, certain industries may be impacted.

For starters, here are some federal, California and local assistance resources for small businesses:

· The U.S. Small Business Administration has announced up to $2 million in Disaster Assistance Loans to small businesses impacted by COVID-19, a positive start to assist 30 million small businesses. Visit www.sba.gov .

· The California Film Commission will allocate $330 million per year from July 2020 through June 2025 as part of an extended Program 3.0 Film and TV Tax Credit Program. Visit www.film.ca.gov .

Upcoming Calendar

29Sep
29Sep
09.29.2020 10:00 am - 1:00 pm
Farmers’ Finest Tuesday market
29Sep
09.29.2020 10:30 am - 1:00 pm
Lakeport Police medication collection
30Sep
1Oct
10.01.2020 10:30 am - 1:00 pm
Lakeport Police medication collection
1Oct
10.01.2020 7:00 pm - 8:00 pm
Thompson virtual town hall
3Oct
10.03.2020 10:00 am - 1:00 pm
Lake County Farmers’ Finest Saturday market
6Oct
10.06.2020 10:30 am - 1:00 pm
Lakeport Police medication collection
8Oct
10.08.2020 10:30 am - 1:00 pm
Lakeport Police medication collection
10Oct
10.10.2020 10:00 am - 1:00 pm
Lake County Farmers’ Finest Saturday market

Mini Calendar

loader

LCNews

Responsible local journalism on the shores of Clear Lake.

 

Memberships:

 

Newsletter

Enter your email here to make sure you get the daily headlines.

You'll receive one daily headline email and breaking news alerts.
No spam.