As you may have heard, the IRS has extended the filing and payment deadlines for individual and corporate tax returns that are due April 15, 2020. Payments that would otherwise be due April 15, 2020 are automatically extended until July 15, 2020 for payments of up to $1 million for individuals and up to $10 million for corporations. This payment extension also applies to first quarter estimated payments that are due April 15, 2020. There will be no interest and penalties accrued on balances due from April 15, 2020 to July 15, 2020, but they will begin to accrue on any unpaid balances as of July 15, 2020. No extension is required to be filed to qualify for the either the payment or filing extensions.
These extensions only apply to Federal income tax. New York state has stated that they will follow the Federal deadline for both payments and filing. Other states are setting their own policies and we are monitoring the situation and will let you know about any new developments as soon as we can.
We encourage you to submit your 2019 tax information to us as soon as possible. While the majority of our office is working remotely, our office is open with staff who can receive information if you prefer to mail it. If you are able to submit documents electronically and have not yet been set up on our portal to securely send and receive documents, please contact us as soon as possible. If you are not able to use the portal or mail, we will work with you to get your documents to us, but for everyone’s health and safety we are not allowing in-person meetings in our office or at our clients’ locations. We do have the technology available for virtual meetings if needed and we are all available by email or phone. You can continue to contact us through our office line; if you leave a message, your call will be returned as soon as possible.
We remain committed to maintaining the quality and timeliness of service that you expect from BSP. The safety of our clients and staff is our main priority, and we will do everything we can to adapt to the current situation while continuing to provide you with exceptional service.
Please do not hesitate to reach out to us if you have any questions or concerns.