Yesterday, Treasury Secretary Mnuchin announced plans for the federal government to allow a deferral of tax payments for individuals up to $1 million and Corporations up to $10 million originally due April 15th to be paid by July 15, 2020, without incurring a penalty and interest charges. The filing deadlines of those returns have not been automatically extended, so individual and C Corporation returns without a filing extension, are still due on April 15th.
As of this date, states and municipalities have not announced if they are extending their payment deadlines, so we will proceed as though those payments are due April 15th, as well as the first quarter estimated tax payments, still presumed to be due by April 15th.
Brinker Simpson will continue to operate during the crisis, barring any mandates that force closing. In that unfortunate event, we will be working from our homes and accessible by email and cell phone. We will continue our efforts to have the tax filings prepared by the April 15th deadline, and if necessary, will file extensions on behalf of our clients. Payments will need to be made by July 15th, whether the returns have been completed and filed or not.
We encourage our clients to get their information to us as soon as possible to afford us the necessary time to have the returns completed before April 15th. We recommend that you mail or email the information to us during this quarantine time. You can also register for the client portal on our website at www.brinkersimpson.com to securely send documents electronically.
We will keep you updated as circumstances change and we hope for everyone to be safe during this trying time.