The Treasury Department has announced that taxpayers may defer paying up to $1,000,000 of 2019 income tax owing until July 15th. Also, the 2019 income tax filing deadline for individuals and C Corporations is now postponed to July 15. No extensions will need to be filed before April 15. Also, 2020 first quarter estimated tax payments are not due until July 15. There will be no penalty or interest charged over this extended period. Keep in mind that state and local jurisdications may have different payment and filing deadlines.
At Davies Tax Advisors we are taking both the virus and our clients’ needs seriously.
We’ve seen a smooth tax filing season so far this year, and the IRS is currently operating normally. At DTA we’re preparing and filing tax returns, analyzing tax circumstances for tax estimates, and preparing extensions.
Starting last fall, DTA more fully deployed our e-workflow: clients upload tax documents through the firm encrypted portal; we e-monitor each stage of tax work; client e-signature, electronic payment; and e-filing.
We’ve also made several accommodations to keep our clients and staff in good health during the current health crisis:
- Suspension of face-to-face client meetings - Zoom is available for video conferencing if our clients need “facetime” with our tax advisors or if they have questions
- Staffing to provide 48 hours return of phone calls
- Tax documents may be dropped off anytime from 9 to 3, or mailed to our office
- Staff working both from home offices and at our Bellevue office
With all the news about the virus, we know that for many, tax filing is not foremost in your concerns. We anticipate preparing more extensions this year to allow our clients extra time to gather their tax documents, for us to prepare the returns after the crisis, and now for 90 days deferred payment of tax.
Please call or email us with any questions you may have.