On Wednesday, March 18, the IRS stated that while the tax filing deadline would remain unchanged, any taxpayers owing income tax that would be due on April 15, 2020, would have until July 15, 2020, to make that payment, with no penalty and interest.
This morning, Treasury Secretary Steven Mnuchin announced that the tax filing deadline would also be pushed back until July 15, 2020, for all tax returns with an original due date of April 15. This includes individual income tax returns, estates, trusts, and calendar year C corporations.
It is more vital than ever that we support our clients, and to best assist you, we are working in accordance with our Business Continuity Plan to minimize the impact and disruption caused by COVID-19. You can be assured that we are working hard to prioritize our clients’ essential needs such as payroll, outsourced accounting and timely tax filing to allow for quick refunds, where that is the case. We will also refocus our efforts to provide those clients experiencing hardship with priority access to their advisor. We are available to help you.
While our professionals are committed to serving you at the highest level and providing timely deliverables, please be advised that turnaround times will likely be delayed. We are working tirelessly to keep clients informed of project status and probable turnaround time. Given the additional 90 days to file income taxes this year, we will work to meet your expectations, while spreading work out to protect the health and well-being of our tax professionals.
Yeo & Yeo encourages the electronic submission of your tax documents for quicker processing. All physical documents received are undergoing a quarantine period before they will be handled and scanned in. Please communicate your needs with us and we will do our best to meet them. We thank you in advance for your understanding.