Posted on March 19 2020
Coronavirus Update 3/19/20
EMERGENCY UPDATE — Thursday, March 19 —
To Our Clients:
On Monday, March 16, 2020, you received an email from us regarding “Tax Season 2020 & The Coronavirus.” The email outlined the contingency plans we have developed and what at the time was anticipated guidance from the Internal Revenue Service and Congress.
Today, we would like to provide you with an update.
First, as many of you probably already know, the IRS has officially announced that the due date for making 2019 federal income tax payments has been deferred from April 15, 2020 to July 15, 2020. This includes the following payments:
• Individual income tax payments due for 2019
• Corporate income tax payments due for 2019
• Individual estimated tax payment for 2020 due 4/15/2020
• Corporate estimated tax payment for 2020 due 4/15/2020
If the above payments are made by July 15, 2020, you will not be assessed interest or penalties on the postponed payments. These deferred payments do not apply for individual payments in excess of $1,000,000 and corporate payments in excess of $10,000,000.
What the IRS did not do is postpone the filing deadline. As a result, even though payments will not be due until July 15, 2020, you must either file your return or file an extension by April 15, 2020. This will be our primary focus over the next four weeks. For many of you, your return will be extended without the need for payment. We will be communicating with you in greater detail over the next few weeks.
Unfortunately, at this time, neither Pennsylvania nor the local taxing authorities have postponed their respective payment due dates so, at least for now, we will have to determine if there are balances due. If so, such payments will have to be made with either an originally filed 2019 return or an extension on or before April 15, 2020. We would like to think that Pennsylvania and the local taxing authorities will follow the IRS’s lead and postpone the April 15, 2020 payment due date, but we cannot assume they will. Should anything change in this regard, we will notify you.
Finally, effective Monday, March 23, 2020, in compliance with recommended social distancing guidelines, we will require our professional staff to work remotely from home. Although our administrative staff will work from 8 AM to noon on weekdays to process returns and answer your phone calls, the office will be officially closed until further notice. The best way to contact us will be via email. Completed tax returns not delivered through a client portal will be mailed.
Remember, while the office is closed, we will all continue to work and remain in contact with you, as necessary.
As we navigate these uncharted circumstances, we remain committed to serving you. We appreciate your patience and understanding during these trying times, and encourage all of you to be safe and stay healthy.
Very truly yours,
MillerSearles LLC | Certified Public Accountants | Advisors