Dear Clients and Colleagues,
On advice of the accountants that SHS works with, the IRS will allow taxpayers
to defer payments for their 2019 tax returns until July 15. This is subject
to certain caps: Individuals can defer payments up to $1 million and corporations
can defer payments up to $10 million. The April 15, 2020 deadline for
filing your taxes still applies, unless an extension is requested. If
you are due a tax refund, you will want to file your tax return as soon
as you can. If you owe money, you have until July 15, 2020 to make the
payments, without penalty or interest.
For those of you who pay estimated taxes which are due April 15 and June
15, those payments would apply to 2020 and we have yet to receive guidance
on that. We will be sure to let you know about that, as well as any information
from the State, which has been silent on this issue thus far. Please speak
with your accountant to get the most up-to-date information and to receive
proper advice. In addition, please speak to the firm attorney that you
are working with in order to determine whether to file joint or separate,
as per my prior message sent to you last week.
I encourage you to expand your digital footprint. Connect with us on our
website, Facebook, LinkedIn, or Twitter. We encourage you to expand your
digital footprint in these trying times-engage with others electronically,
and build your remote connections.
Wendy B. Samuelson, Esq.
Stay safe, and stay healthy.
Samuelson Hause & Samuelson, LLP