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Coronavirus and Tax Deadlines

March 21, 2020

As the country is dealing with the effects of Coronavirus on our communities and the economy, the Department of the Treasury has issued guidance on personal income tax returns and payments which are normally due on April 15th. The Treasury released Notice 2020-18 as guidance:

Notice 2020-18

The Secretary of the Treasury has determined that any person with a Federal income tax payment or a Federal income tax return due April 15, 2020, is affected by the COVID-19 emergency for purposes of the relief described in this section III (Affected Taxpayer). The term “person” includes an individual, a trust, estate, partnership, association, company or corporation, as provided in section 7701(a)(1) of the Code.

For an Affected Taxpayer, the due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020. Affected Taxpayers do not have to file Forms 4868 or 7004. There is no limitation on the amount of the payment that may be postponed.

The relief provided in this section III is available solely with respect to Federal income tax payments (including payments of tax on self-employment income) and Federal income tax returns due on April 15, 2020, in respect of an Affected Taxpayer’s 2019 taxable year, and Federal estimated income tax payments (including payments of 3 tax on self-employment income) due on April 15, 2020, for an Affected Taxpayer’s 2020 taxable year.

No extension is provided in this notice for the payment or deposit of any other type of Federal tax, or for the filing of any Federal information return.

As a result of the postponement of the due date for filing Federal income tax returns and making Federal income tax payments from April 15, 2020, to July 15, 2020, the period beginning on April 15, 2020, and ending on July 15, 2020, will be disregarded in the calculation of any interest, penalty, or addition to tax for failure to file the Federal income tax returns or to pay the Federal income taxes postponed by this notice. Interest, penalties, and additions to tax with respect to such postponed Federal income tax filings and payments will begin to accrue on July 16, 2020.

Based on guidance from the AICPA and conversations with other CPA firms and businesses concerning best practices in dealing with the Coronavirus, Jones, McKnight & Edmonson, P.C. is recommending postponing in-person meetings with clients for the next two weeks after which time we will evaluate the situation. 

We are still working to serve our clients and recommend that you send your information to us through our secure portal, via the mail, or overnight service.  If you do not have an established secure portal, please call our office to have one created for your use.  Our clients’ and our staff’s health and well-being are our top priority and we feel this step will aid in protecting all of us while continuing to provide the quality service you deserve.  Please contact our office with any questions. 

Thank you,

Jones, McKnight & Edmonson, P.C.

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