COVID-19 Filing Deadline Changes

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2019 1040 Delayed Filing / Payment 

COVID-19 - Coronaviruses 

A breif overview to help you understand how the Coronavirus is effecting tax filing dealines

Mike's Recommendations:

  • If you are expecting a tax refund, then file anytime to receive your refund.
  • If you might owe the taxes, then extended your tax return to give you ample time to gather all your allowable deductions.
    • Then file by July 15th and pay taxes due. 
    • If more time is needed, then we can file for an additional extension of time to file personal tax returns on October 15, 2020. This extension to October, will only extend the filing time, and all taxes will be due on July 15, to avoid penalties/interest.

How are the tax filings and payment requirements changed

Revised:  03/21/2020

Federal Tax Deferral
On March 21, 2020 The IRS released bulliten IR-2020-58, which announced the federal income tax filing is automatically exteneded from April 15, 2020 to July 15, 2020.  All payments due to the IRS are also extended to July 15, 2020 without penalties or interest, regardless of amount owed. 

No additional forms or extension are required to take advantage of this extened filing/payment date.

The normal extension to file later than 7/15/20 will be available as usual.

We do not believe this will elimintae any interest or penalties imposed for the late payment of 2019 estimated taxes, nor is there any news on any other type of tax, other than personal income tax. 
 
Refunds are unaffected. Underpayment penalties for periods before April 15th appear to still apply.

Additonal information is available on the IRS website:
www.IRS.Gov/coronavirus
 
State Tax Deferral
California Executive Order
The California Franchise Tax Board (FTB) announced that all returns and payments previously due on April 15, 2020 will now be due on July 15, 2020.

Additional CA information may be found here:
www.FTB.CA.Gov

This brief summary of the tax reform act is provided for your information. Any major financial decisions or tax-planning activities in light of this new legislation should be considered with the advice of a tax professional. Call 805.389.7300 if you have questions regarding your particular situation. 


A Special Note About Our Operations - Dealing with Covid-19

As a valued client, we consider you to be a member of our DiSabatino family and your health and safety are as important to us as that of our own families. To ensure your continued well-being, we are taking the following steps to protect you and our team:

  • Using virtual meetings and calls, as well as emails, to keep in contact, rather than in-person meetings
  • Sending documents electronically instead of client pick ups and drop offs whenever possible
  • Limiting visitors at our location to those that are necessary

Although we are currently accepting client drop-off of documents, we highly encourage you to provide your documents electronically. If you need assistance  with this, please contact our office at (805) 389-7300.

Also, if you currently have an in-office appointment, we will be reaching out to you to make other arrangements, or you can contact us at (805) 389-7300 to schedule a phone or virtual video meeting instead. The situation is constantly changing, and should the need arise, please know that we can operate at 100 percent capacity remotely.  We remain committed to doing everything we can to get the job done and ensure we continue to meet your needs.  Our team will communicate with you on any updates or changes that may be necessary.  In the meantime, please do not hesitate to reach out to us at:  (805)389-7300 or via email: This email address is being protected from spambots. You need JavaScript enabled to view it. if you have any questions or concerns.  We appreciate your business and ongoing support.
Warm regards,
Michael DiSabatino


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