Small business has had a rough time of it lately. The Coronavirus pandemic has shut down many San Francisco small businesses.
But they are re-opening and will re-open when the authorities say it’s OK. When they do, they’ll need a great tax advisor in San Francisco, because so many taxes have changed. As a San Francisco tax advisor for small business, we’re closely monitoring the state and federal changes vis-a-vis the Coronavirus Pandemic, and can help.
One thing that you can be certain of is that, although Coronavirus will eventually go away, taxes won’t! Certainly, the April 15th date has been put back 90 days to July 15th which gives everyone some breathing space, but that July date will arrive faster than you might imagine, so you still need to be well prepared with your tax returns. There is just no point in putting it off.
The April 15th date has already been and gone, so we are now into the extension period anyway. Furthermore, there is a proviso, and that is that the extension does not apply if there is a tax liability of $1 million or more for individuals or $10 million or more for corporations. While there will be no interest or penalties charged during the extension period, returns are due on July 15th with no further extension.
As a San Francisco tax advisor for small business, we can also confirm that, as regards California State tax relief, partnerships and LLC’s taxed as partnerships with a due date of March 15th are extended 90 days to June 15th which is less than two months away. Individuals with a due date of April 15th are extended to July 15th, as are quarterly estimated tax payments due April 15th. The FTB will not charge interest or late filing penalties that would apply otherwise.
If those deadlines aren’t complicated enough, other changes are being made. The situation is evolving. Here’s the deal with COVID-19 / Coronavirus and taxes. We watch the policies so you do not have to. You can focus on your San Francisco business and getting it rebooted.
We Keep Right Up To Date
At Safe Harbor, our financial advisors keep ourselves right up to date with all the different changes in the tax laws, both federal and state, so that we can be certain that we are advising every client correctly. If you are going to start a business, we can advise you as to the best way to go about it, whether that is as a sole proprietor, C corporation, S corporation, LLC, business partnership, or even non-profit. As a San Francisco CPA for small business, we provide a service that is customized and personalized to your particular business, because we are firm believers that there is no “one size fits all” when it comes to tax.
So although both the IRS and FTB are allowing some time for small business because of the effects of Coronavirus, it is still necessary to prepare your tax return and have everything ready by the new due date. Safe Harbor can help you do it and take all the hassle off your shoulders.