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Finances

New filing and payment deadlines for IRS and FTB

IRS – New due dates

  • The 2019 tax filing and payment deadline has been moved to July 15, 2020
  • The April 15, 2020 estimated tax payment has been moved to July 15, 2020

Until further guidance from the IRS is provided:

  • the June 15, 2020 estimated tax payment is due June 15, 2020
  • The due date for Individual Retirement Account (IRA), Roth IRA and Health Savings Account contributions remains April 15, 2020 (Note: tax code implies that the contribution date would move, yet the Treasury and the IRS have not made it explicit)
  • Contribution dates and rules pertaining to employer-related retirement accounts (401(k), SEP-IRA, Simple-IRA, Defined Benefit Plans) remain unchanged
  • Required minimum distributions from retirement plans for 2020 remain unchanged.

Visit irs.gov/coronavirus for more information.

FTB – New due dates:

The 2019 tax filing and payment deadline has been moved to July 15, 2020,
The April 15, 2020 estimated tax payment has been moved to July 15, 2020,
The June 15, 2020 estimated tax payment has been moved to July 15, 2020.

For information on all 50 states and various local governments, eg. San Francisco, check out this resource from the American Institute of CPAs (AICPA)

Emergency Funds

Request or receive SF Bay Mutual Aid On March 18, the Families First Coronavirus Response Act was passed into law. The new legislation includes a number of measures including:
  • Emergency funding for unemployment benefits and Medicaid,
  • Paid sick leave and paid family and medical leave
  • And business credits for businesses providing paid leave
Click to learn more about the new law and see if you are eligible for relief. Oakland: East Oakland DREAMer emergency fund (up to $250, applicants must be migrant youth 15-30 years old or migrant guardian of youth aged 0-20)   https://tinyurl.com/COVIDMigrantYouthRelief Relief for Student Loan Borrowers: The Department of Education made the following announcement last Friday: Starting March 13, 2020, “[a]ll borrowers with federally held student loans will automatically have their interest rates set to 0% for a period of at least 60 days. In addition, each of these borrowers will have the option to suspend their payments for at least two months to allow them greater flexibility during the national emergency. This will allow borrowers to temporarily stop their payments without worrying about accruing interest.” Read the US Dept of Education Press Release. Students, Parents of Students, Graduates: Scholly is providing $200 in cash assistance. We aim to provide essential financial help to buy groceries, health supplies, and other necessities to those in need. If you’re a student, parent of a student, or graduate, we encourage you to apply today. Are you LGBTQ+ and out of work because of COVID-19? Do you need basic supplies? Soap? Food? Toilet Paper? OR Do you need support related to COVID-19 otherwise? We want to help! COVID-19 Trans/Queer Relief Form