Tax Return Due Dates:
Due to Covid-19 federal tax filing and payment deadlines from April 1, 2020, to July 14, 2020, were postponed to July 15, 2020. The postponements are automatic and apply to all taxpayers.
If you have not filed your returns yet, then please send us all of your tax documents and we will prepare the returns in order to meet the July 15th deadline. In order to insure we have enough time to prepare and process your returns please have all of your documentation to us by June 30, 2020. You can drop off your documents at our office, mail, email or upload everything to the portal. Instructions for using the portal are on our website, but please fee free to give us a call for assistance.
We will file extensions for all individual and business taxpayers who need additional time to file beyond the July 15 deadline. The extended due date will be October 15, 2020. Remember this extension is an extension to file and not an extension to pay the tax owed. Taxpayers requesting additional time to file should estimate their tax liability and pay any taxes owed by the July 15, 2020, deadline to avoid additional interest and penalties. Once we have your documents we can assist in the preparation of the estimated tax.
This relief is also available to estimated quarterly tax payments. Any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 14, 2020, can wait until July 15 to make those payments, without penalty.
Summary Update on PPP Loan Forgiveness:
- Current borrowers have the option to extend the 8-week period to 24 weeks after the loan proceeds are received or 12/31/2020 whichever is earlier;
- The 75% payroll requirement is reduced to 60%;
- Opportunity to avoid FTE or Salary/Wage reduction penalties if headcount or salary/wages are restored by December 31, 2010 instead of June 30, 2020.