COVID-19 UPDATE

U.S. Treasury Extends Tax Returns and Payments due on April 15, 2020.

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The Internal Revenue Service issued Notice 2020-18, which moves the April 15, 2020 tax deadline to July 15, 2020.  This relief applies to 2019 income tax returns and 2020 estimated tax payments due on April 15th.

Taxpayers have until July 15th, 2020 to:

• File their 2019 income tax return, or file an extension for their 2019 income tax return.

• Pay the amount owed with the 2019 income tax return without incurring any penalties or interest.

• Pay their 2020 first quarter estimated tax payment without incurring any penalties or interest.

• Make any contributions to their Individual Retirement Account for the 2019 tax year.

• Make any contributions to their Health Savings Account for the 2019 tax year.

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It is important to note:

• The relief does not apply to the 2020 second quarter estimated tax payment, due June 15th.

• The relief does apply to self-employment taxes due on April 15th, 2020 but does not apply to employment taxes submitted by employers.

• The relief does not apply to payroll taxes, estate taxes, gift taxes, or excise taxes.

• The relief does not have limits on the amount of tax covered.

• Taxpayers who already filed their 2019 returns and have electronic funds withdrawal scheduled for April 15th will need to call the IRS at 888-353-4537 if they do not want the funds to come out on that day.

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We are currently doing our part in practicing social distancing which means we are scheduling all meetings as phone calls at this time.  Our turn-around time for tax returns, as well as our communication response time, are delayed this year due to our modified work arrangements.  We thank all of our clients for their understanding and patience during this time as we continue to provide the same high quality service under these evolving circumstances.