Member of Russell Bedford International, a global network of independent professional service firms.
Please note that this blog is based on laws effective March 17, 2020 and may not contain later amendments. Please contact Cray Kaiser for most recent information.
There has been much speculation surrounding the impact of the Coronavirus (COVID-19) pandemic on the U.S. tax filing deadline. At a Tuesday White House briefing, Treasury Secretary Steven Mnuchin announced new relief measures that are effective immediately.
The Internal Revenue Services (IRS) has extended the tax payment deadline for 2019 income taxes for individuals who owe up to $1 million and corporations that owe up to $10 million.
Eligible taxpayers can defer payment for up to 90 days without accruing interest or penalties. This puts the new tax payment deadline at July 15. As of now, the tax filing deadline remains April 15, though this could still change. Regardless of a change in deadline, our firm will continue to operate with the goal of completing tax filings without relying on extensions.
We remain on alert to any news about this situation. If the IRS announces a filing extension, we will contact you as soon as possible. It is expected that many states will follow suit in granting similar payment relief. We will be sure to keep you informed of any new updates at both the federal and state levels.
In the meantime, please do not hesitate to contact us with any questions you have regarding these circumstances. We will continue to work diligently to provide the services you count on from our team.
These are certainly trying times and we want to reiterate that Cray Kaiser is here for you. As things continue to evolve in light of the COVID-19 pandemic, we at CK are taking additional precautions for the benefit of our team members and our clients.
We want to remind our clients of our portal access and your ability to safely and securely share your information with our team. We ask that you email firstname.lastname@example.org to request your portal access. This will eliminate the need for you to drop off your tax information at our office.
Thank you for your patience and understanding during this challenging time. We wish you, your family, and your business health and safety. We will continue to support you as best as we can while keeping each other’s health a priority. If any changes occur during the course of the next few days, we will update our website.