As things continue to change with the pandemic, many clients have called or emailed concerning the new deadline, potential relief package, and how tax returns and payments will be affected. Since the outbreak started, we have had many of our staff members working remotely, and continue to utilize that option. It is not as efficient, and due to that, many returns will be delayed. Be aware that we are working as diligently as possible, so please be patient. Also, please understand that all income tax returns and estimated tax payments that were due April 15th, are now not due until July 15th. No penalties or interest will be due on returns that were due on April 15th until July 15th.
The best summary of some of the individual provisions of the new CARES Act that affects most of our clients was posted in an article yesterday by the National Law Review. Please review, and understand that this is the federal piece, and that there are also state pieces that we disseminated earlier this week.
https://www.natlawreview.com/article/coronavirus-senate-passes-cares-act-summary-tax-provisions-bill
In addition to this relief, the IRS has unveiled a new “People First Initiative” thereby delaying the tax return deadline to July 15. A link to this initiative is below.
In the meantime, our recommendation is that all business owners run 13 weeks of cash flow analysis to determine when or if you are going to have an issue. We have a cash flow spreadsheet that we are glad to share with you, which may assist. Please let us know if you would like for us to send it to you, or want to discuss further.
We are here to help. Please let us know how we can assist you at this critical time in our history.
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