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Deadline Changes

Please see Circular 230 Disclosure at bottom of page

Deadline Changes 

It is official!  The tax filing deadline and the tax payment deadlines have been moved from April 15th to July 15th in most cases. 

On March 13, 2020, the President of the United States issued an Emergency Declaration in response to the coronavirus pandemic.  Under this Emergency Declaration, any non-corporation taxpayer with an amount due on April 15, 2020 of up to $1,000,000 can postpone the payment of tax until July 15, 2020.  April 15, 2020 payments include both payments to be made for the 2019 tax returns and for the first quarter estimated payment for 2020.  Even though the Emergency Declaration extended the time to pay the tax, it did not extend the actual deadline for filing tax returns.  Under these Emergency Declaration provisions, no interest or penalties will be assessed for not paying taxes between April 15 and July 15.

For business entities filing tax returns as a consolidated group of “C” corporations or for each single-filed “C” corporation, the same rules above apply, except for the payment deferral amount cannot exceed $10,000,000.

On March 20, 2020, Treasury Secretary Mnuchin announced that the deadline for filing federal taxes will move from April 15, 2020 to July 15, 2020.  As such, tax return filings and payments of taxes normally due on April 15, 2020 are now due to be filed and paid by July 15, 2020.  The filing and payment deferral also applies to the first quarter estimated payment due on April 15, 2020.  The second quarter estimated tax payment is normally due on June 15, 2020.  As of this date, there is no change in payment date for second quarter estimated tax payments.  More clarity will be provided when the IRS issues a Notice regarding the extended time to file.

We will continue to strive to meet your expectations and serve you in a timely and responsive manner.  As software updates, it is our intention to schedule all 4/15 payments on 7/15 in order to help you retain these funds for operating purposes unless instructed otherwise.  As discussed in our Open for Business - Office Access section, we are continuing to work our lists as always, and count it an honor to serve you as our client.

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CIRCULAR 230 DISCLOSURE: DO NOT TAKE ACTION WITHOUT DISCUSSING YOUR SITUATION WITH YOUR CPA. 

The information contained herein is general in nature and based on authorities that are subject to change. Blankenship CPA Group, PLLC guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. Blankenship CPA Group, PLLC assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. Circular 230 Disclosure: This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.

FOR EMPLOYMENT AND BENEFITS RELATED ACTIONS PLEASE ALSO DO NOT TAKE ACTION WITHOUT DISCUSSING WITH YOUR HR ATTORNEY

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