Last week, Governor Gavin Newsom announced the state will offer temporary tax relief and $500 million in aid to small businesses impacted by COVID-19 restrictions.
The temporary tax relief:
• Entails an automatic three-month income tax extension for taxpayers filing less than $1 million in sales tax.
• Extends the availability of existing interest and penalty-free payment agreements to companies with up to $5 million in taxable sales.
• Provides expanded interest free payment options for larger businesses particularly affected by significant restrictions on operations based on COVID-19 transmissions.
To read more about the temporary tax relief for small businesses, click here.
– Jordan Davis, City of Pittsburg, CA