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Taxes, Tax Season and Coronavirus

So much has changed in 3 weeks: Social distancing, talk of extending the tax deadline and more cases of Coronavirus.

What does that mean for you and your taxes?

Right now while there has been talk of automatic tax extension, no guidance has been issued. Until guidance has been issued from the IRS we are operating under the normal due dates. If they issue guidance for an automatic extension that will change and we will let you know.

The Daily Briefing Press Conference today on 3/17/2020 mentioned that you should still file your extension and more than likely you can defer your taxes due of up to $1M for 90 days after the deadline – we are waiting for official guidance on this!

TL;DR: Accounting is thankfully remote and that has given us an edge to operate as close to normal as possible given the current environment we are in.  At the same time we are all under much more stress than a normal tax season. We are working through taxes, first in first out but if for some reason you need your return sooner say for a loan application – let us know!

Our extension cut off date was March 6th, so if you got your info in before that date we are going to do our best to get your return out on time given the circumstances which are changing day by day.

We know that several of our small business clients have been hit hard with shutdowns and quarantines. There are resources available – get help if you need it:

SBA Disaster Loans

Additional Resource list from FBomb

Basically communication is key right now and we are doing our best to keep everyone in the loop!

Stay safe and healthy!

Toni & Team

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