Dear Clients:
We hope you and your family are safe and taking the necessary precautions regarding this outbreak.
We are writing because there has been a lot of misinformation spread by the media and on social media regarding today’s announcement that the Treasury Department will be providing some type of tax payment relief or delay. We hope to clear up some of the confusion.
Yesterday, Treasury Secretary Steven Mnuchin announced the administration is “giving individuals and many businesses 90 extra days. Individuals can defer up to $1 million. All you have to do is file your taxes. You’ll automatically not get charged interest and penalties.”
Note: The IRS has issued no official guidance; therefore, any details you have heard are a bit premature. But, this statement does give an indication of what the Treasury and IRS may do.
We strongly recommend you proceed with your plans to upload your tax organizer and documents to our secure portal ASAP, regardless of any relief provided. Our goal will still be to complete all tax returns received before March 27th by April 15th, unless you are missing documents, and then we can discuss an extension.
Why should you file now? If you have a refund, we want you to get your money, especially with so much uncertainty at this time. If you owe additional taxes, we can figure out how much and come up with a game plan. At a minimum, you have until April 15th, and it looks like there may be an extension to pay. We will know more in the next few days.
As a reminder, if you haven’t provided your tax information yet, take some time over the next 2-3 days to submit it. That will allow us to get your tax filing burden off your back while you manage this crisis.
We will keep you updated on any changes related to tax relief or deadlines.
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