To Our Clients and Friends:
First, we hope you and your family are safe and well in this unprecedented disturbance to our lives. We want to assure you that we take the health and well-being of our community, clients, and staff very seriously. Like you, we’re closely monitoring the quickly developing effects of the Coronavirus (COVID-19) pandemic.
While we assume you have heard or read recently, we want to confirm the news that the normal April 15 tax filing and payment deadline for 2019 federal income tax returns (including corporations and trusts) has been deferred until July 15. This also applies to your April 15 first Estimated Tax Payment. Our understanding is that California will follow the federal rules. No formal extension requests are required as would normally be required if filing would occur after April 15.
Also, the government will not charge Interest and late payment penalties on any income (and self-employment taxes if applicable) tax payments otherwise due on April 15 If the taxes are paid on or before July 15. Initially, the federal government allowed for waiver of only certain amounts of taxes due, but it subsequently eliminated that requirement.
You may note the anomaly that June 15 estimated income tax payments for 2020 will be due before the postponed to July 15 payment due April 15. We expect that the U.S. Treasury-IRS will address that payment date, as well, at some point in the future depending on the state of the economy and various health directives that may exist in the future. We will of course keep you apprised of futures developments concerning all federal and California tax filing and payment matters.
We continue and will continue to operate our offices – in person or remotely as the situation dictates. For those working remotely, he or she will be checking for telephone messages on a regular schedule. Each member of our firm can be contacted through our email. Do note that while working remotely, some information processing matters may be slower or different than normal – in most cases this will be done to further protect your information and data in an always challenging and changing cyber security world.
Again, we hope you are safe and secure and know you join us in the knowledge that this challenge to our daily lives will pass -hopefully, sooner rather than later. Stay safe!
Our Family at Cooper, Moss, Resnick, Klein & Co, LLP