Due to the coronavirus pandemic, on March 20, 2020, the Treasury Department announced the federal income tax filing and payment deadlines would be extended to July 15, 2020.
This 90-day tax filing and payment extension is applicable to all taxpayers and businesses. Interest and penalties will be automatically waived during this extension. They won’t accrue until after July 15. If you’re filing a Form 1040, you are able to defer $1 million or less in income tax liabilities. If you’re filing a Form 1120, the amount is $10 million or less.
This 90-day deferral covers income tax payments and any associated interest and penalties. It also includes estimated tax payments for the 2020 tax year that are due on April 15.
Please note that if you’re receiving a refund, the Treasury Departed stated that you should still receive it within the normal time period. (If you e-file, this is mostly likely within 21 days of filing.)
Like many of you, we’re continuing to follow the latest coronavirus developments. Our priority is to keep our team, their families and our valued clients safe and healthy. At this time, we’ve asked most of our employees to work from home. Our technology will allow us to continue to serve our clients to the highest level.
To limit the number of in-office visits, we will mail all client tax returns and original documents. Clients can still drop-off data if necessary until we are notified otherwise; however, we strongly encourage you to share documents electronically through our secure online portal.
If your business received a PPP loan, you may be eligible to have that loan forgiven. Our team can help you ensure that your loan forgiveness application is filed correctly and timely. Complete our five-question form, and we can provide a quote for your application by the next business day.Request a Quote