CALIFORNIA BUSINESS PERSONAL PROPERTY TAX FILING / PAYMENT EXTENSIONS
By law, all businesses in California are required to file their Business Personal Property Statement (571-L Form) with their County Assessor by May 7th every year.Businesses face a 10% penalty if they were unable to file by the annual May 7th deadline. However, due to the Governor of California’s Executive Order N-61-20, Assessors have moved the filing deadline to May 31st, 2020. As May 31st falls on a Sunday, based on Revenue & Taxation Code Section 441(b), a property statement that is electronically filed, mailed and postmarked on the next business day shall be deemed to have been filed timely. This executive order states that no penalty will be imposed upon a taxpayer if the taxpayer files a personal property tax statement as required by law on or before May 31, 2020.
Due to the rapidly changing nature of state guidance related to the COVID-19 virus, this Alert addresses updates as of May 8th 2020.