More small businesses relief – this time from the State of California!
Governor Newsom signed an executive order on December 1st that allows the California Department of Tax and Fee Administration to grant a three month extension, without penalties, for tax returns and payments for all businesses filing a return for less than $1 million in sales and use taxes. This small business relief is HUGE!
Highlights of the small businesses relief executive order:
The due dates for filing quarterly sales and use tax returns and for making payments originally due between December 1, 2020 and April 30, 2021 have been extended by three months. For example, the 2020 4th quarter return and payment, originally due January 31, 2021 will now be due April 30, 2021.
Qualified small businesses can also apply for a 12-month, interest-free payment plan to defer up to $50,000 for 4th quarter 2020 and 1st quarter 2021 in sales and use tax liability. Certain large businesses impacted by COVID-19 will also be eligible for this interest-free payment plan.
Questions regarding how this small business relief impacts your particular situation? Please call or email your partner or manager directly. We’re here to help.