CARES Act & 2020 Tax Deadline Update

CARES ACT information:

U.S. Chamber of Commerce Small Business Guide & Checklist

Paycheck Protection Loan Program Q&A

Texas Society of Certified Public Accountants CARES Act Information

U.S. Department of Treasury Small Business Assistance

Coronavirus Update

Due to the impact of Coronavirus, the IRS has extended the April 15th due date for payments and filings. The new due date for both is July 15th.

The proposed extension is necessary for many reasons, the most of important of which is to mitigate the impact in each of our personal and professional schedules. Like you, our staff is working to balance caring for personal health while also serving your tax needs. This necessarily forces our dedicated professionals to spend more time away from the office, shifting to remote work from home in a less capable and inefficient environment. By the same logic, the IRS recognizes that it may not be possible for each of you to collect, send and discuss the information required to complete your tax return while your time is spent taking care of your health and your family.

What does this mean to you?

  • For taxpayers who owe money, they normally are required to pay by April 15 or owe penalties and interest charges
  • The IRS already allows people to request an extension that gives them an additional six months to file their paperwork, but any taxes they owe are normally due on April 15
  • “Under the proposed plan, the IRS would waive interest payments or other penalties for missing the April 15 tax deadline.”

We will advise of any changes that impact your taxes in the future.

Operational Change:

As we continue to operate and execute projects on a routine basis, we have made one significant change: We highly recommend the use of technology to expedite communication and information flow with you. This includes utilizing email, phone calls and video calls for meetings in lieu of in person meetings. We understand this may not be the preferred method for many clients, however we, along with the IRS, are taking the current spread of Coronavirus with caution to protect the health of our clients and staff.

We enjoy the opportunity to serve and will keep you informed of any updates related to your books and taxes.

YOU are our priority and we will complete your work to the best of our ability, both in or outside of the office.

– The F & H Team