As discussed in a previous post, we will continue to keep you abreast of a situation that changes by the minute. There is a lot of information out there, and you need to carefully digest it and discern the accuracy. It is a very fluid situation.
Yesterday, in a Press Conference Treasury Secretary Steve Mnuchin discussed measures to assist Taxpayers with cash flow. What this means is that in addition to monies directly sent to taxpayers which still must be finalized (Two $1,000 checks could be sent to every American with the first check starting April 6), the IRS will allow Taxpayers to defer payments for their 2019 tax returns until July 15. This is subject to certain caps: Individuals can defer payments up to $1 million and corporations can defer payments up to $10 million. The April 15, 2020 deadline for filing your taxes still applies, unless an extension is requested. If you are due a tax refund, you will want to file your tax return as soon as you can. If you owe money, you have until July 15, 2020 to make the payments, without penalty or interest.
For those of you who pay estimated taxes which are due April 15 and June 15, those payments would apply to 2020 and we have yet to receive guidance on that. We will be sure to let you know about that, as well as any information from the State, which has been silent on this issue thus far. The State though, has temporarily suspended State debt collection including student loan and medical debt.
Our office is still open to serve you, and while our staff can work remotely, those of us here are practicing social distancing, and maintaining excellent office and personal hygiene. You can send information electronically, through our portal, USPS, FED-X, or arrange a curbside drop off at our offices. If you want to meet, we can Skype, or have a Zoom meeting. We are here to help.
I encourage you to expand your digital footprint. Connect with us on website, Facebook, LinkedIn, or Twitter. We encourage you to expand your digital footprint in these trying times-engage with others electronically, and build your remote connections.
Stay safe, and stay healthy. We are a strong group, and we thank you for being part of the Garibaldi Group family.