Cannabis Tax Relief

This entry was posted on Tuesday, March 31st, 2020 and is filed under Uncategorized.

Please read the important information below regarding tax payments while the Stay at Home Emergency Orders remain in place due to the COVID-19 pandemic:

CDTFA

Pursuant to Governor Newsom’s Executive Stay-at-Home Order, through MAY 11th,the California Department of Tax and Fee Administration (“CDTFA”) has the authority to assist individuals and businesses impacted by complying with the Stay-at-Home Order. This assistance includes granting extensions for filing returns and making payments, relief from interest and penalties, and filing a claim for refund. Taxpayers may request assistance by contacting the CDTFA. 

Requests for relief of interest or penalties or requesting an extension for filing a return may be made through the CDTFA online services or by sending a letter or email

FTB

The Franchise Tax Board (“FTB”) announced updated special tax relief for all California taxpayers due to the COVID-19 pandemic. FTB is postponing the following filing and payment deadlines until JULY 15th for all individuals and business entities: 

2019 tax returns;

2019 tax return payments;

2020 1st and 2nd quarter estimate payments;

2020 LLC taxes and fees; and 

2020 Non-wage withholding payments

CITY OF LOS ANGELES

The Los Angeles Office of Finance has informed our firm that even though cash payments cannot be taken at this time, all cannabis businesses MUST TIMELY FILE any monthly returns that are due! Filing can be completed online or by mail.

The City has the discretion to grant a request for a payment extension and waiver of penalties and interest for qualifying entities, THAT ALSO TIMELY FILED their return. Entities that have (1) consistently paid cash for tax filings AND (2) either had an appointment to make cash payments that was canceled or tried to make an appointment to pay in cash but were unable to do so due to City Hall closure should email the Office of Finance at finance.csd.appt@lacity.org and request a payment extension and a waiver of interest and penalties due to inability to make a cash payment in person at City Hall. 

When the City re-opens for cash payments, qualifying entities who notified the Office of Finance will be contacted to schedule an appointment to make the cash payment. You will have 2 DAYS to schedule an appointment from the date of receipt of the City’s email and must make a payment within 10 BUSINESS DAYS.

Our team is hard at work remotely, yet connected.  Please let us know how we can assist you.