As we navigate these uncertain times, McKonly & Asbury continues to place primary concern on the health and welfare of our employees, families, and clients. Our firm’s investment in our technology platform ensures that our employees can continue to serve our clients, and now significant precautions are being taken for the safety of our employees that need to be in the office – including a no-visitor policy.
McKonly & Asbury’s offices are currently closed to outside visitors and all client meetings will be conducted via teleconference or rescheduled. If you need to submit your tax or financial information to us, simply communicate with us as usual to determine the best way to do so (electronic delivery; mail; or if necessary, arranging a drop off/pick up time in advance to ensure protocol is followed to keep us all healthy). We are committed to continue serving and advising you effectively and safely. And while this unprecedented environment that we are facing together may cause certain deliverable deadlines to be adjusted, we are working as a team to move things along for all of our clients to minimize impact.
In a press conference yesterday, Secretary of the Treasury Steve Mnuchin announced that individual taxpayers can delay paying their income tax liabilities of up to $1 million for up to 90 days. This would mean that liabilities ordinarily due on April 15, 2020 will not be due until July 15, 2020, and all penalties and interest will be waived. Businesses can defer payments of up to $10 million.
While this is welcome news, and will undoubtedly assist many taxpayers during this challenging time, there are still many things to consider.
- If you are due a refund – you still want to file now to get that money back as soon as possible.
- It’s unclear as to whether or not the filing due date of April 15th will be formally extended or not. Keep in mind that all taxpayers are eligible for an automatic six-month extension to file – there was just never an extension of time to pay up until now.
- At this time, it is still unclear as to whether or not this will apply to both 2019 tax liabilities and 2020 estimated tax liabilities or just 2019.
Our hope is that the IRS will simply mimic relief provided to FEMA declared disaster areas, such as what was just granted earlier this month in Tennessee. Under this relief, due dates were extended, and liabilities for both 2019 and 2020 liabilities were extended.
We will continue to update you as more details emerge. And again, while these are very unusual and challenging times, we are with you through this process. If you have any questions or concerns, please reach out to us. You can contact your McKonly & Asbury professional, call our main office at (717) 761-7910, or email email@example.com.
Be safe and stay well!
This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although McKonly & Asbury has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.