It’s been a few days since our last update, and there has been more news from the IRS regarding tax deadlines.
The IRS Has Extended Tax Filing Deadline to July 15th
Earlier last week the IRS announced that the April 15th payment deadline was extended to July 15th, and on Friday they announced that the filing deadline has also been extended to July 15th. It is not clear if the October 15th extension due date will also be extended.
Given these extended deadlines, failure to file penalties, failure to pay penalties, and interest charges on any balances due will not begin to accrue until July 16th. However, keep in mind that 2019 estimated tax penalties could still apply if you had not satisfied the estimated tax safe harbor rule.
The guidance also suggests that the deadline for 2019 IRA and HSA contributions has also been extended to July 15th, although they have not made that guidance explicit.
Also, many states are following the IRS lead and also extending their tax filing due dates. To check on a particular state, refer to this document compiled by the AICPA.
As more information becomes available, we will keep you informed.
Florida Bridge Loan Program Activated
Last week, Governor Ron DeSantis announced that Florida small businesses impacted by the Coronavirus may now apply for short-term loans through the Florida Small Business Emergency Bridge Loan program. Qualified small businesses with two to 100 employees can apply for loans up to $50,000 for one-year terms. For more information, click here.
At this moment, our offices are still open, although several of our team members have transitioned to working from home, and we are limiting office traffic as much as possible.
We are asking that clients receive their completed tax forms through our email delivery system (SafeSend Returns) or by physical mail. If your return is here awaiting pickup, we will be in touch to arrange delivery.
However, we are still working each and every day. For anyone who has not begun the process, we are fully equipped to work with anyone remotely. For instructions on how to do so, simply click here for instructions: How To Work With Us Remotely
Thank you and we will continue to keep you aware of any new developments.
The Team at Schanel & Associates