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To Our Clients and Friends:
First and foremost, we want everyone to stay safe in these turbulent times. The world is changing on an hourly basis and people are looking to us for some tax answers, many of which we do not have. When we do, we will attempt to digest the material and get information out. We don't want misinformation going to our clients.
Here is what we do know:
2019 Federal
balance due with return, normally due 4/15, is now due 7/15/2020 without penalty and interest.
2020 1st Q Federal tax estimate (if applicable)
, normally due 4/15, is now due 7/15/2020 without penalty and interest.
These two amounts cannot exceed $1 million, if they do anything above $1 million is due 4/15/2020.
Unfortunately, without the IRS making additional changes, the 2nd Q Federal 2020 estimate (if applicable) will be due 6/15/2020.
We will have to electronically file an extension of time to file, they did NOT issue a blanket filing extension. We will take care of this since no federal payments will be due. If you plan on owing tax, our Firm will likely file an extension to give us a cushion to complete, we are going through this like the rest of the World.
If we already filed your return and you have payments due, feel free to adjust the timing of the 2019 balance due and the 1st Q 2020 Federal estimate. Make sure it is paid by 7/15/2020. If this is set to auto withdrawal, you may need to call the number on the letter to cancel, we are unsure if the IRS will automatically push these until 7/15/2020.
We are also unaware which States will follow the Feds here. If they do not, those payments MAY still be due 4/15. We hope the States follow, several have indicated they planned to, but until they commit, we cannot guarantee anything.
There are a lot of moving parts, and many of you have your own businesses and families to care for. We will continue to keep you abreast of changes as they come.
We are continuing our work, many from home, but we will continue to complete as much as possible in the coming weeks. Please be patient with us as we navigate this along with the rest of the World. Continue to send us your information as you normally would, we will do our best to take care of as much as possible. We value all of clients and our amazing staff, and realize that every person is or will somehow be affected by this tragedy.
Stay tuned, AND MORE IMPORTANTLY STAY SAFE.
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