US Treasury Department Secretary Steven Mnuchin announced March 20, 2020, that the 2019 income tax filing deadline will be moved to July 15, 2020, from April 15, 2020, because of the coronavirus (COVID-19) outbreak.
Until the filing date of July 15, individuals are able to delay payment of up to $1 million in taxes due, while corporations are able to defer payment on up to $10 million. Individuals and corporations are not subject to interest or penalty payments during this period of time. Of course, all taxpayers who may have tax refunds are encouraged to file at their earliest convenience.
Just today, the State of California Franchise Tax Board also announced that they have postponed filing and payment deadlines until July 15, 2020, to coincide with the new federal deadline. Other states may enact varying deadline policies, so you should consult with your specific state agencies for more details.
Earlier this week, California Governor Gavin Newsom has issued a statewide order for all residents to stay at home during the coronavirus outbreak. In compliance with this order, Tellone Financial Services, Inc. has ceased all in-person tax appointments until further notice. To mitigate any inconvenience, we are offering the option of either a phone appointment or virtual meeting to clients. Contact your Tellone Financial tax professional or financial advisor you might have about filing your return.
The staff is continuing to work remotely, as we are all connected to our office essentials and committed to servicing your financial needs. If you have any questions regarding this policy, please contact the office via phone (714-998-2290) or email (firstname.lastname@example.org).
We thank you for your patience and understanding during this unique time. We wish and pray for the best for all of you and your families.