We would like to take a moment to inform you regarding the recent corporate tax developments as a result of COVID-19.
On March 18th, the Treasury and IRS have announced that the due dates for tax payments for both corporate and individuals would be extended.
On March 20th, the Treasury and IRS announced that the tax filings and payments for all federal income taxes, due on April 15, 2020, will be extended to July 15, 2020.
As of this moment, there has not been any guidance for fiscal year filers. When more information becomes available, we will pass on the information.
In regards to state tax returns, please refer to the AICPA (American Institute of Certified Public Accountants) which has a summary of the new state filing deadlines.
Please be aware that many states are in the process of updating their deadline as a result of COVID-19.
Please feel free to contact us if you have any questions or concerns.