Taxes and Business License Information
Town Business License
The Town Council has extended the due date for business license taxes for San Anselmo businesses to June 30, 2020.
Taxes - Federal
The Governor issued an executive order May 6. Until May 2021, small businesses will get relief from penalty for late property tax payments due to COVID-19 related hardship as determined by local tax collectors. The waiver does not apply to properties for which taxes are paid through impound accounts. In addition, the deadline for the filing of Business Personal Property Statements has been extended from May 7 to May 31, 2020. The yearlong property tax penalty relief does not apply to large business properties or equipment assessments.
Various tax file and pay deadlines have been moved to July 15, 2020.
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer’s employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS. For each employee, wages (including certain health plan costs) up to $10,000 can be counted to determine the amount of the 50% credit. Because this credit can apply to wages already paid after March 12, 2020, many struggling employers can get access to this credit by reducing upcoming deposits or requesting an advance credit on Form 7200, Advance of Employer Credits Due To COVID-19.
Taxes - State
Small business taxpayers, those with less than $5 million in taxable annual sales, can take advantage of a 12-month, interest-free, payment plan for up to $50,000 of sales and use tax liability. Payment plan requests can be made through their online services system in the coming months.