COVID-19 Information Hub
Updated April 17, 2020, 12 PM PST
Our COVID-19 information hub provides updates on the latest tax changes and connects you to resources that may be helpful as we navigate the COVID-19 pandemic.
Both the IRS and the California Franchise Tax Board (FTB) have deferred the deadline to file and pay 2019 taxes for both individuals and businesses to July 15, 2020.
The New IRS Tax Due Dates:
Tax Return and/or Payment | COVID-19 Due Date | Original Due Date |
2019 tax filing & payment | July 15, 2020 | April 15, 2020 |
2019 IRA, Roth IRA, & HSA contribution | July 15, 2020 | April 15, 2020 |
2019 employer-related retirement account contribution (eg. 401k, SEP-IRA, Simple-IRA, Defined Benefit Plans) | July 15, 2020 | April 15, 2020 |
2020 first quarter payment | July 15, 2020 | April 15, 2020 |
2020 second quarter payment | July 15, 2020 | June 15, 2020 |
The IRS released an official notice on April 15 greatly expanding the list of tax filings and payments that now have a July 15 deadline due to the COVID-19 pandemic. To see the expanded list and read our breakdown of the noteworthy date changes, click here: New IRS Deadlines: 401(K) Contributions, Estimated Tax Payments & More
The IRS’ frequently asked questions page also has additional information about which due dates and tax filings are affected. For general information regarding the IRS and COVID-19, visit irs.gov/coronavirus.
The New California FTB Tax Due Dates:
Tax Return and/or Payment | COVID-19 Due Date | Original Due Date |
2019 tax filing & payment | July 15, 2020 | April 15, 2020 |
2020 LLC taxes and fees | July 15, 2020 | April 15, 2020 |
2020 first quarter payment | July 15, 2020 | April 15, 2020 |
2020 second quarter payment | July 15, 2020 | June 15, 2020 |
The FTB website has an expanded chart that lists all of the various due dates that are affected. Click here to explore: COVID-19 Extensions to File & Pay | FTB
Not A California Resident? Curious about Local Governments?
For information on all 50 states and various local governments (eg. San Francisco): Check out this resource from the American Institute of CPAs | AICPA
The CARES Act was passed on Friday, March 27, 2020. The historic $2 trillion stimulus package incorporates a number of different measures aimed at addressing the effects of COVID-19. Learn more about what’s included in the stimulus package here: The CARES Act: An Overview.
Track Your Economic Impact Payment - One of the most noteworthy provisions of the CARES Act was that individual taxpayers would be receiving a direct payment of up to $1200.
You can check the status of your payment here: IRS - Get My Payment
As part of the CARES Act, Congress authorized $349 billion for small business loans through the new Paycheck Protection Program (PPP) and the revamped Economic Injury Disaster Loan (EIDL) Program.
PPP vs EIDL: We broke down the differences between the PPP and the EIDL Program and covered some of the basic requirements needed to apply. To learn more about each program and see if you qualify for funding, click here
Although the US Small Business Administration (SBA) ran through the initial $349 billion fund on April 16, the Treasury Department is working with Congress to provide an additional $310 billion of funding to the PPP, of which $60 billion would be earmarked for rural and minority businesses. The additional funding should become available shortly. Business owners are encouraged to continue the application process, as loans are on a first-come-first-served basis.
The SBA has issued a second set of Interim Final Rules for the Paycheck Protection Program (PPP), to clarify how these loans work for Schedule C-filers, Partners in a Partnership, and other self-employed individuals.
Learn more about PPP guidelines for self-employed borrowers here: PPP Guidance for Self-Employed Borrowers
The US Small Business Administration (SBA) has created an online hub with information on funding and guidance around business practices during the COVID-19 pandemic: Coronavirus (COVID-19): Small Business Guidance & Loan Resources | SBA
State and Local governments are also taking measures to support businesses in their community. Check your local government’s website for resources and aid offered.
Here are a few of the key highlights from the Families First Act:
To learn more about the new law and see if you are eligible for relief, click here: Families First - Key Elements of the New Tax Relief Law .
The U.S. Department of Labor has issued FAQs on the new mandated employer-paid sick leave and family leave benefits. Highlights from the FAQs include:
The FAQs are available at www.dol.gov/agencies/whd/pandemic/ffcra-questions.
The DOL has provided the notice employers must provide to their employees. It is available at www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Federal.pdf
The Department of Education announced that starting March 13, 2020:
The Dept of Education said in a press release that “[t]his will allow borrowers to temporarily stop their payments without worrying about accruing interest." and “allow them greater flexibility during the national emergency”.
If you made a payment toward your federally-held student loans after March 13, you can request a refund from your student loan servicer. However if you are financially able to make payments or continue making payments on your student loans, any payments you made or make after March 13 will be applied directly to principal, which the Consumer Financial Protection Bureau (CFPB) noted in a blog post answering common questions about student loans and the coronavirus pandemic.