We hope you are well and safe!
As the events of the COVID-19 pandemic evolve, we are continuing to adapt to the changing tax landscape and world events. Our focus is on what is most important, our families, our staff and you, our clients. During this rapidly changing environment, we are committed to bringing you the most up to date information as quickly as possible.
On March 20, 2020 the Secretary of Treasury announced an extension of the April 15, 2020 tax filing date until July 15, 2020. IRS subsequently issued Notice 2020-18 outlining the parameters of the extension.
What it is
The Department of Treasury and the IRS originally extended the time to pay federal income taxes due between April 15, 2020 and July 15, 2020 until July 15, 2020 under Notice 2020-17. However, this original action did not extend the time to file tax returns due on April 15th. This most recent action extends that time to file your tax returns until July 15, 2020 and replaces the original notice.
What that means to you
- Your tax return that was due on April 15, 2020 is now due on July 15, 2020.
- We do not have to take any action (such as filing an extension) to be eligible for this due date.
- Anyone or any business with a tax return due on April 15, 2020 is eligible for this relief.
- Any federal income tax payments due on April 15, 2020 are now due on July 15, 2020.
- This does not include estimated tax payments which are normally due on June 15th or any other payments.
Impact on State Returns
These changes are related to federal income tax filings and payments only. Each state will independently decide how their income tax filings and payments will be handled, which may be different than the federal requirements. We are continuing to monitor each state’s requirements and how they affect your specific situation. We will advise you of any additional actions you may need to take to conform to your state’s requirements.
What you can do
Please get your tax information to us as soon as possible to provide extra time to manage the changing environment. We appreciate your willingness to be flexible as we manage through this rapidly changing environment. Our goal is to ensure everyone remains safe while addressing your matters timely and accurately.
We strongly encourage you to leverage our expertise and deep understanding of the economic climate which can add significant value during times of uncertainty. We are always committed to assisting you in successfully managing through difficult times.
In these uncertain times, we are continually evolving to ensure that we do what is in the best interest of our clients, our team members and community.
We will operate as close to “business as usual” as possible. We will continue to closely monitor the legislative changes effecting you and communicate important information timely and accurately. We are always available by phone or email to address your specific questions and concerns. We are here to help and will walk through this together.
Thank you for your continued support and stay safe!