Before we get into what’s happening with the IRS deadline — to separate some of the rumors from the reality — I first want to check with you:
How are you doing?
Email us back and let me know if there is anything we can do to help.
We are meeting with clients in a SAFE manner (many phone conversations and “virtual” tax prep appointments), and we are continuing to have new people contact us who need help.
Helping is what we do. It is our J-O-B, and we’re (very) thankful that we can still DO our job in the midst of this storm.
In talking with clients, we are seeing many people struggling.
These struggles are financial — already losing jobs, and/or steady income because of the pandemic. They are also circumstantial — school cancellations have so many people scrambling to figure out this new normal, and children and parents who aren’t used to spending their days at home together, now ARE. This is not easy.
You don’t need us to paint the picture, we’re all living it.
But before we get to the “business part” of this email, we just want to emphasize that we’d love to be a resource for you in this time, however that looks.
Alright … to business.
IRS Deadline Extended??
This has been the cause of a bunch of confusion, so let us make this very clear:
The IRS did NOT extend the filing deadline for your tax return.
Repeat, the FILING deadline is not extended.
At least not yet. That may yet still change.
The payment deadline is extended, however, to July 15th.
We can still file an extension for you if you need more time. But, as always, you need to formally file an extension (Form 4868).
Contact us if you need an extension.
Our advice, however, is to file on time (by April 15th) if at all possible.
Most clients are getting refunds and people need the cash now so we are going to get those tax refund checks into as many of our clients as possible.
And further, you WANT to have a pro in your corner to not only ensure that you are getting all of the deductions you are entitled to from the existing tax code … but one who will also help you navigate the still-to-come credits, deductions and relief that this COVID-19 pandemic will necessarily usher in.
So again, to sum up:
1) The federal PAYMENT deadline has been extended to July 15th. (California extended its state tax deadline to June 15th but may change that to match the federal, we don’t know yet).
2) The FILING deadline is still April 15th. (We’ll help you file an extension if necessary.)
3) We’re in your corner, even more now than before (if that’s possible).
If you need us, contact your chosen Pronto Office location or contact your chosen Pronto Tax Team Member. Be patient with us just like we will be patient with you, we are all in this together. And, let’s get through this together.
Pronto Income Tax Team
PS — Other bits of advice we can offer:
1) There is no benefit to marinating in others’ panic.
2) Consider refinancing your home, if you carry a mortgage. Mortgage rates are up and down and up and down — you might consider filling out a refi application, just to be ready when the rates inevitably pop real low.
3) Make sure you have some ready, liquid assets (i.e., cash in the bank, and in hand) if you are able.
4) Set aside plans for any big spending until the dust settles — but especially look out for your small business owner friends and vendors.
More to come in the days ahead.
Hang in there.