Ted Talks Taxes: Still Preparing Returns

Ted Phillips, The Del Ray CPA

(571) 312-1169

FAX (571) 227-7907

Ted@TheDelRayCPA.com

114 E. Randolph Avenue

Alexandria, VA 22301

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NEW DUE DATES

May 1, 2020

Virginia tax returns due

June 1, 2020

Virginia 2019 tax payment and first quarter 2020 payments due

June 15, 2020

As of now, second quarter federal estimated payments due

This date, like all others listed, may be subject to further extension.

July 15, 2020

Federal tax returns and payments due

State returns and payments due for DC, Maryland, Illinois, Indiana and most other states

First quarter federal estimated payments due

The office is still preparing and sending out tax returns as quickly as possible, given the additional precautions we all need to take right now for health and safety, and increased personal responsibilities. Since most tax due dates have been significantly extended, we are still at a good pace to file everyone's returns in a timely manner.

Right now, we are focusing on clients with a Virginia due date, because Virginia is one of the few states that has not extended its usual filing date (and payment date is only extended to June--see the chart of due dates to the left). But we are also continuing to draft and review client returns for other states, in the order received. Please rest assured that if we have your documents, whether sent electronically or in the mail, we are working hard to file your returns promptly and accurately.

Thank you for your patience and understanding in this difficult time. I hope that all my clients are in as safe and tranquil a place as possible right now, and are staying healthy.

CHANGING AUTO-PAYMENTS

For clients who have already returned their e-file authorization forms: once we file your returns with a date selected for automatic bank withdrawal, whether for 2019 payments or automatic 2020 estimates, we cannot change this payment date. You can request that IRS cancel the automatic payment by calling: 1-888-353-4537. You will then need to make the payment manually, online or by mailing a check, before the due date of July 15th.

If we have not filed your returns yet, and if you would like payment to be automatically withdrawn, we will default to a payment date in July, shortly before the deadline. Please note the dates and payment methods we give in your completed tax package, and let us know if you would like to make any changes.

CARES Act and Small Business Loans

I have received a few questions about the various new loans and grants available through the CARES Act, intended to support small businesses though a difficult time. One program provides organizations loans that are 100 percent forgivable if they do not lay off any employees, while another provides a $10,000 grant and a larger flexible loan. Here is the website that the US Small Business Association is keeping updated about the COVID-specific loans that are currently available. For now, I recommend that you ask your banker about whether these loans are right for your business.

Link to Document Portal