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On Tuesday, March 17, the Treasury Department announced that taxpayers will be able to defer paying their taxes for 90 days past April 15th. BUT…there are some things you need to know:

• The filing deadline has not changed, it is still April 15, 2020.
• An extension is required to extend the filing of your 2019 tax return.
• Income tax payments for returns with a due date of April 15, 2020, can be deferred until July 15th without interest and penalties as long as you follow required procedures.
• Estimated tax payments for tax year 2020 that are due on April 15, 2020 are included in this mandate.

Read more on the Treasury website.

We’re still here for you (at least we are here in spirit and remotely).  Please continue to contact us as you have been.

We are set up to continue processing payroll though our payroll portal, to watch over your accounting data through our cloud accounting software and secure remote access system, to communicate through video chat, emails, telephone , to efile your tax returns through the IRS and State modern efile system and to exchange paperwork through our secure portal or prearranged meetings (out in the fresh air).

Stay safe!

Please do call on us if you need something or to just check in and let us know how you are doing.

I have been posting a summary of the NYT morning briefing and here is today’s summary: feel free to click through to the full article

• The Trump administration asked Congress on Wednesday for $500 billion for direct payments to taxpayers and $500 billion in loans for businesses.
• For the first time since the crisis began, China today reported no new local infections for the previous 24 hours.
• As school systems shut across the U.S., administrators are pleading for guidance from the federal government.