Property Tax Payments
Today is the due date for the second installment of your 2019 -2020 property tax payments. The Assessor’s office has provided the following guidance for late payment relief.
Many taxpayers have asked if we can postpone the April 10th tax deadline. However, state law governs when property taxes are due and payable. The second installment of property taxes is still due no later than April 10, 2020.
For those who are directly impacted by the coronavirus and are unable to pay on time, they can file a penalty cancellation request. All such requests will be reviewed on a case-by-case basis after April 10. This will require documentation showing why they were unable to pay their property taxes by April 10, the delinquent date. Requests will be approved as allowed by law.
You can pay on line at the Assessor’s website, here (https://www.sdttc.com/content/ttc/en.html)
Based on the most recent IRS guidance released yesterday, Notice 2020-23, the postponement to July 15, 2020 applies to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Thus, the postponement now includes returns and payments for public charities, private foundations, estates, all foreign disclosures, and second quarter estimated tax payments.
Please note that payroll filings for the first quarter and related payments are generally still required to be completed by April 30.
Most states have aligned with the federal deferral of the filing and payment dates to July 15. However, 5 states for individual income tax changed to other filing and payments deadline for coronavirus pandemic: IA (7/31), HI, (7/20), ID (6/15), MS (5/15), VA (filings 5/1, 6/1 payments)] and Puerto Rico (6/15). In addition, not all states have deferred interest or timing of 2020 estimated tax payments. Your L&B professional will work with you to manage multi state issues, please reach out with questions.
SBA Loan Programs
As part of the CARES Act, there are incentive programs for businesses, including nonprofit organizations to maintain their employees and payroll. We can assist with determining the best program for your circumstances, please let us know if we can help. We can also guide you through the application and implementation of these programs. Time is of the essence to take advantage of the opportunities.
Today the Paycheck Protection Program application window opens for the self-employed. More information is available here (sba.gov).
We stand ready to assist you to navigate through this challenging economic time.
Stay home, stay safe and take care.