Here is a list of the FAQ’s that we are receiving concerning the 2019 tax season and changes occurring due to the Coronavirus:
WHAT IS THE FEDERAL FILING DEADLINE for 2019 INCOME TAXES?:
Most of you have heard by now that the IRS has changed its COVID-19 filing deadline to coincide with its payment deadline . . . Federal returns must be filed and paid by July 15, 2020.
WHAT ABOUT FEDERAL ESTIMATED TAX PAYMENTS?:
July 15, 2020 is the new deadline for your first quarterly estimated payment, although we do not know what the future schedule will be. Usually these payments are due on 4/15, 6/15, 9/15 and 1/15. We do not yet have guidance on the new due dates after 7/15.
WHAT ARE THE DEADLINES FOR STATE TAX FILING of 2019 INCOME TAXES:
Most states are now passing legislation that would match the federal filing deadline of July 15. New Jersey’s law is with the Senate and expected to pass. New York has not yet extended the deadline. The PA Department of Revenue is now closed, but has moved the deadline to April 15. We are continuing to monitor other states for whom we submit returns.
ARE WE OPEN?
At this point, our office is open, as we have now been deemed a “life-sustaining essential business.” We’ve never felt more important! We are still suspending face-to-face contact. If you prefer to drop off your tax materials, you may open the door and leave them on the carpet in our hallway. Please do not come into the office. Best method – mail them!
WHEN WILL WE COMPLETE YOUR RETURNS? IF YOU HAVE NOT YET SUBMITTED YOUR DOCUMENTS, SHOULD YOU DO SO AND WHEN?
We are preparing returns, touching base via email or phone when they are done, and then mailing them to you when complete. We are working on a first-in/first-out basis, with our full intention to complete all returns by the end of May. Despite the extended filing date, we are encouraging everyone NOT to procrastinate. We do not want to be preparing tax returns on July 1 for the July 15 deadline. Please get your materials in to us as soon as possible.
WILL YOU NEED AN EXTENSION?
If you have not done so, please provide us with permission to file extensions. Extensions will need to be filed if your particular state government does not change its filing deadline to coincide with the IRS. If you do have to file an extension, your 1040 will be due on October 15; business returns would be due on September 15.
WILL YOU BE ABLE TO HELP MY SMALL BUSINESS DURING THIS CRISIS?
We are here to help you deal with the repercussions of this crisis, whether it be through planning, obtaining financing, or navigating through the myriad of new tax and stimulus laws Congress and the States are passing to help deal with unemployment, etc.
HOW ABOUT MY INVESTMENTS?
We are also here to help clients deal with the issues surrounding their investments; we have tools to evaluate risk, manage potential changes to asset allocation, explore opportunities and evaluate impact on retirement plans