Specifically, we will address the following topics in more detail:

COVID-19-Related Changes to Deadlines

The Franchise Tax Board and the California Department of Tax and Fee Administration both adjusted various deadlines in response to COVID-19. We will discuss these extended deadlines, some things to keep in mind as you make decisions about when to file, and other issues of note. We will also discuss issues surrounding property tax deadlines.

Implications of COVID-19 on Audits and Assessments

Due to California’s expected need for additional revenue sources, we predict California will increase audit and assessments as it did beginning in 2008 at the start of the recession. We will discuss what you can do to prepare for potential audits and assessments, including some tools that could help you reduce assessments and preserve cash flow.

Tools to Reduce Assessments and Preserve Cash Flow

Taxpayers have at least two tools to reduce assessments and preserve cash flow: (1) filing refund claims for open tax years; and (2) taking filing positions on 2019 and 2020 tax returns that reduce the tax base, reduce apportionment, or increase tax attributes.

In particular, we will discuss three tax filing/refund positions that can increase your available net operating loss (NOL) carryovers, including:

• Unleashing “siloed” NOLs;
• Reviving NOLs by extending the carryover period; and
• Increasing the amount of pre-2011 NOLs available for carryover to open tax years.

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