Income Tax Deadline Changes
Today, Treasury Secretary Steven Mnuchin announced a 90-day extension for the filing and payment of Federal income taxes for individuals and corporations moving the normal April 15, 2020 filing and payment deadline to July 15, 2020, including tax estimate payments.
At this time, it is unclear if this extended filing and payment deadline replaces the guidance provided earlier in the week in relation to the announced payment extension. That announcement provided for a 90-day extension of payment of Federal income taxes due in aggregate of $1,000,000 for individuals regardless of filing status and $10,000,000 for C-corporations.
We expect further clarification of today’s filing and payment extension announcement in relation to the previously announced $1,000,000 individual and $10,000,000 C-corporations limits. We are also unsure if all States will follow the Treasury’s extended filing and payment due date. We will provide updates as they become available.
The Whitlock Company, LLP is committed to the health and safety of our staff, clients, and communities in which we live and work. At this time, I am pleased to report that none of our staff have been diagnosed with the virus in any of our offices.
As the COVID-19 crisis continues to evolve at a rapid pace, we are working diligently in the ever-changing environment to create safe and effective ways to help our staff and clients as well as follow guidance from the Centers for Disease Control and others to help slow the progression of the virus.
Currently, our offices remain open, but we have taken steps to eliminate any person-to-person contact among our staff and clients. We ask that our clients refrain from coming to our offices. Please utilize electronic means of communication including telephone, email, fax or secure document transfers to our staff. If you need assistance in sending us documents securely, please call 417-881-0145 and someone will assist you.
Although we are working to eliminate face-to-face meetings our team is here to help you. We are here to answer any questions you may have as you and/or your business work through this time of uncertainty. Additional information about the steps we are taking in response to COVID-19 will be provided by email, as needed. Thank you for continuing to put your trust in us, and please contact me if I can answer additional questions for you.
Joe Page, CPA