Treasury Secretary Steven Mnuchin just announced that the IRS will move the Federal income tax filing deadline to July 15th. The extension will give all taxpayers and businesses additional time to file returns and make payments without interest or penalties. To obtain this extension, there is no action required by April 15th. If you have already filed your return and have not sent in the balance due, there is no need to send payment until July 15th. In addition, first quarter 2020 estimated tax payments have also been extended to July 15th.
Secretary Mnuchin also encouraged those with refunds to file as soon as possible in order to receive the refund check. We understand that these refunds are important to our clients and we are committed to servicing you during this unprecedented time. While returns have been extended for 90 days, we are still striving to complete our client’s returns. In the event that a return is not completed by the normal due date of April 15th, we will work to finalize the return in a timely manner.
To our clients that routinely file an extension, we still encourage you to provide us with your information now. While there is no need to make extension payments due April 15th, we will continue working to calculate your projected tax liability as soon as possible.
At this time, our office remains open and we can still receive mail, however our office is closed to clients and outside visitors. Clients wishing to drop off information can still do so, but the documents should be dropped off at the front desk. If possible, we strongly encourage you to securely upload your tax information to us. To upload information, please go to our website at ARMCPA.com and click on the green ‘Upload’ button on the top right corner. You can also send information via email to your ARM contact. Our team is currently working both remotely and in the office to service your needs. Rest assured knowing that we have the capabilities to work in a full remote environment.
We do expect that the states and cities will also extend the filing and payment deadlines, but this has not been officially announced. We will follow up with you in the event that the states and cities do not extend their deadlines as well.