Treasury Secretary Steve Mnuchin has just announced that Tax Day will be moved from April 15th to July 15th, 2020. This means everyone has an additional 3 months to file. No extensions are required. No penalties will be incurred; no estimated taxes for at least the 1st quarter will incur late penalties if not paid until 7/15/2020 – we don’t know about the 2nd quarter yet (which is normally due June 15th).
Until further notice, we will continue with our current strategy of being open and working while utilizing social distancing strategies (no in-person meetings, document drop off, etc).
We encourage you to work on getting your documents together so we can keep the process moving. The best method currently is to use Canopy or secured email. Paper drop off is an option today, but the government may order all businesses to keep workers at home. We are set up to carry on limited business from home, so barring any health issues, we will continue to move along.
For our clients who have already submitted their tax information, know that we are working diligently, but with restrictions, so there will be delays.
We will, as always, keep you up to date with what’s going on in the tax world and in our office as well, as things seem to be changing minute to minute.