To our clients and friends,
Tax guidance continues to change as the Treasury Department and IRS work to do their part in providing taxpayers relief in response to the COVID-19 pandemic.
Last Friday, we sent an update regarding income tax payment relief provided by the IRS via IRS Notice 2020-17. Following that communication, the IRS released IRS Notice 2020-18 superseding IRS Notice 2020-17 and included the following key revisions:
- 2019 Federal income tax returns otherwise due April 15, 2020, are now automatically extended to July 15, 2020, without the need to file Form 4868 or Form 7004, as applicable.
- Federal income tax payments of any dollar amount (i.e. no longer limited on the amount that can be deferred) are now eligible for the deferral to July 15, 2020, for tax year payments 2019 or 2020, originally due April 15, 2020.
It is important to know that although the IRS has provided these relief provisions and automatic extensions, your team at THF encourages timely processing of your tax return filings. We believe this approach will help to timely identify potential tax overpayments and potential cash refunds in a time when cash flow may be needed most. We will continue to work diligently on your behalf and in response to your unique needs and circumstances. Please direct any specific questions or concerns to one of the key points of contact listed below.
These are challenging and unprecedented times. Remember that you are not alone. We are monitoring developments in real time and will keep you informed as our federal, state, and local governments develop strategies around taxpayer relief. You can reach any of our shareholders or industry leaders through our website at www.thf-cpa.com or directly through our main phone numbers:
Key points of contact include:
Michael Kalifeh, Shareholder and Tax Services Department Leader
Winston Howell, Founder, Chairman, & Shareholder, Tax Services
Brian Walgamott, Shareholder, Tax Services
Canita Gunter Peterson, Shareholder, Tax Services
Dennis Gallant, Bainbridge Market Leader, Tax Services
Please don’t hesitate to contact us if we can be of service.
Jeff Barbacci, CPA