I’m sure you’ve gotten a hundred emails of this sort recently. We are all working to find balance in our new daily routines and remain as productive as possible. I want to take time to discuss a few things that have changed in light of recent events:
First, the IRS is allowing an extension to pay 2019 taxes and first quarter 2020 estimated taxes out to 7/15. Also, the Treasury Secretary announced an automatic extension to file to 7/15, if you haven’t filed already.
The IRS has issued the guidance (IRS Notice 2020-18). Here’s a quick recap:
- All 2019 federal income tax returns and income taxes owed, as well as 2020 estimated tax payments, normally due April 15th have been automatically extended to July 15th. No extension form filing is required for any of these extensions.
- If returns are filed and paid by July 15th, no late filing or paying penalties/interest will be assessed.
- At this point, our understanding is if a return can’t filed by July 15th, then an extension form will need to be filed by July 15th. There will be no extension to pay beyond July 15th. If after July 15th then penalties/interest will apply.
- These automatic extensions apply only to Federal returns and payments; they do not apply to State and Local returns and payments.
As always, if we receive additional information, Master Plan Tax Services will keep you updated.
Second, these are unprecedented times, after much discussion with business partners and leaders, unprecedented measures are needed. In an effort to respect requests by government and health authorities and for your safety, ours, our families and communities, effective today, Friday, March 20th 2020, Master Plan Tax Services will:
- be converting all in-person meetings to technology-based meetings (E-Appointments) using our electronic resources, such as secure online
client portal, Zoom video calls, phone calls and fax;
- have paperwork drop-offs done so through our convenient front-office drop box between the hours of 9a-11a and 2p-4p M-F.
For our online portal, you can click here. Once you sign in with your email address and create a PIN, you can search your smartphone’s app store for “Canopy Client Portal”; using that app, you can snap pics of your documents and upload to us. If you’d like to schedule a drop-off or an e-appointment, you may do so by clicking here. Let us know if you have more questions.
Rest assured, processing of returns is proceeding as normal. Our tax preparers and bookkeepers are continuing to work either from home by accessing documents via secure resources or working at the office; and we are available by email and phone during the hours of 8:30a-4p M-F. If there are other reasonable accommodations we welcome your feedback and help.
It is our prayer and desire that these measures will help reduce risks of the spread of COVID-19 (Coronavirus 2019).
Thanks for trusting us for your tax and financial needs. Our team will do our best to make this process seamless for you. We will all get through together!
Blessings and prayers,
Jeremy, Sudha, Michael and the MP Team