C Corp and S Corp Extension Eligibility Confirmed
In a March 13 press release, the FTB announced that taxpayers affected by COVID-19 would be granted an extension for filing 2019 California tax returns and upcoming payment deadlines until June 15, 2020, in line with Governor Newsom’s March 12 Executive Order. The FTB press release made specific mention of an extension for individual returns and LLCs, but it omitted any reference to S Corps and C Corps, prompting questions from Members.
CSEA staff member Brian Pedersen contacted FTB this morning for clarification and received the following response:
“The new extensions announced in the release apply to any business entity with a return or payment due between March 15 and June 15.
A taxpayer does not have to be directly impacted. Taxpayers who experience any difficulty in filing or paying, as a result of COVID-19, are included in this relief. For example, some taxpayers may not be able to get their tax returns prepared due to the unavailability of their paid tax preparers or through free tax preparation programs. Quarantine or infection could also affect someone’s ability to file or pay on time.
Taxpayers will self-identify on their tax returns as they do with other natural disasters.”
FTB will be working to get more information out on their website. Information can be found on the COVID-19 FAQ webpage.