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.
Stay safe, and stay healthy.
Samuelson Hause & Samuelson, LLP