As part of the Covid relief, California is providing Small businesses with an option for interest free deferral of sales/use tax up to $50,000 for businesses with less than $5 million in taxable sales.. Under this relief, qualifying sales and use taxpayers with deferred liabilities up to $50,000 will pay their tax due in 12 equal monthly installments. No interest or penalties will be assessed against the liability.
Besides, If taxpayers choose to use this program to distribute the burden of their May or June prepayments or their July return, CDTFA will work to accommodate those taxpayers.
The above payment plans are in addition to the previous announcement made whereby CDTFA has provided a three-month extension for a tax return or payment to any businesses filing a return for less than $1 million in tax. For such business taxpayers their current California sales and use tax obligation, returns for the 1st quarter 2020 will now be due on July 31, 2020. All businesses will also have an extra 60 days to file claims for refund from CDTFA or to appeal a CDTFA decision to the Office of Tax Appeals.
Businesses who do not fall within these parameters can contact CDTFA who retains administrative flexibility to assist businesses needing relief in the case of disasters.
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Bhatia & Co, Inc, Certified Public Accountants is a diversified Full service financial and business services firm concentrating on providingservices to domestic and international organizations, with special focus on international transactions and tax planning. Our Team of highly skilled and diversified range of finance and business professionals provide services in areas of business and individual tax,audit & review, international tax planning, incorporation and corporatecompliance, accounting, outsourcing, business consulting, financial and retirement planning, immigration consulting and litigation support to adiverse range of clients.. We are located in the prestigious Techmart building in the heart of Silicon Valley in Santa Clara,CA for the last 13+ years and have offices in New Delhi for 30+ years. . Our current engagements include cross border tax planning and transactions, corporate structuring, and complex Tax audits and representation including recent oversees disclosure programs (OVDP/OVDI).
Our organization is headed by Neeraj Bhatia, who is an accomplished accounting professional with 30+ years expertise in international and domestic tax planning and compliance for startups and multinational entities. Neeraj is a licensed CPA in California, New York and Colorado and a CA in India. He also has a LL.M. in International Taxation from the US, Costs and Works (Management) Accountancy, and a Bachelor (Honors) degree in Commerce from India. During his academic years he has received several awards and scholarships for being the top ranker nationally.
Bhatia & Co., Inc 