Special Notice to Clients —
Taxpayers can delay paying 2019 income taxes for up to 90 days to July 15, 2020 (up to $1 million on individuals and most pass-through entities and $10 million on corporate filers). There will be no interest or penalties.
The IRS will try to speed up refunds. We will place a higher priority on refund returns as we realize you may need this more than ever under the circumstances.
Each state will be responding with their own program. New tax deadlines are expected. Most states will likely follow the federal program. For example, Ohio has unofficially said they would mirror IRS guidance.
There is no word yet on whether 1st quarter 2020 estimates can be delayed too or whether you can make your Roth IRA, traditional IRA or HSA contributions later.
More information will be coming as we find out.
Pinnacle CPA Advisory Group