We have recently been informed by the IRS and the U.S Treasury Department about important information that may impact you and your income tax filings.
Due to unprecedented events caused by the Coronavirus (COVID-19) pandemic, the Internal Revenue Service (“IRS”) issued Notice 2020-17 yesterday, which stated the following:
- The due date for federal tax payments relating to the following categories is postponed from April 15 to July 15, 2020:
- Up to $1 million for individuals;
- Up to $10 million for consolidated groups;
- Estimated federal income tax payments in accordance with the above amount limits
- There was no relief granted by the IRS related to filing deadlines
- This means that either your Federal tax return or an extension must still be filed by April 15, 2020
- There is still uncertainty on whether state governments will conform to the relief granted by the IRS above
- This means that, as of this writing, both state tax return filings and payments are still due on April 15, 2020
- However, we anticipate that state governments will have to follow suit with the Federal relief outlined above
Please know we are committed to handling all your accounting needs. Our offices are still open for operation and we plan to complete your tax return(s) in a timely manner. In the event that we receive any mandates from the federal, local or state level that we have to close the office, our staff is prepared to work remotely. We are prepared to answer all phone calls during regular office hours, just as we normally do and we are also offering video conferencing in order to be “face to face” with you!
In order to avoid any administrative headaches from filing with the masses near the new extension day, we do recommend you still try to file your taxes before, or close to, April 15th if you desire and are entitled to a refund.
We will continue to monitor the situation and promise to update you on any new IRS guidance as we learn more.
Please feel free to contact us with questions. We are here for you and focused on your business.
Thanks for your continued trust.