Posted on 03/15/2020 2:47:51 PM PDT by Raycpa
March 15, 2020 — Volume 27 No. 13
Yesterday, we told you about our efforts and conversations with the Treasury Department and the IRS to secure filing and payment relief for taxpayers and tax preparers in light of the uncertainty and challenges caused by the spread of the Coronavirus (COVID-19) pandemic.
Based upon our conversations, we anticipate that Treasury and the IRS will announce this week an extension of the April 15th deadline by as much as 90 days, and a waiver of penalties and interest for most taxpayers.
Additionally, Treasury and the IRS are aware of the major deadline for businesses tomorrow, March 16th, and the challenges facing taxpayers and tax preparers in meeting that deadline. They have indicated that they would be generous in determining reasonable cause abatement of any penalties for taxpayers and tax preparers unable to file in a timely manner.
We will continue to keep you updated as we receive more information.
You can also visit our AICPA Coronavirus Resource Center for frequent updates and resources to help you manage clients’ needs and your business at this time.
I posted the link to the AICPA site but this info is not there yet. The CPA's have been after the IRS to let us know if they are extending due dates. It is important for my practice because I am getting concerned that my employees may not want to be getting exposed to clients right now.
Bad day for the nothing burgers. They said they wouldn’t take it seriously until the IRS moved the date.
The American Institute of CPA’s doesn’t know to capitalize the first word of a sentence or title?
That doesn’t inspire much confidence.
April 15th is always tight for me because I get a few late K-1s every year.
My accountant of many years retired, and I’ve been passed off to someone else at his firm. We’ve made contact, and I was hoping to work with him personally... but that’s not likely, now.
FedEx, email, and phone. The practice is going non-contact, and I don’t blame them a bit.
My error. I copied part of the email to create a headline.
More gubmint BS. If you are staying home...do your damn taxes. File like you usually do...
This crap is getting really, really ridiculous.
It is not official but my experience with the AICPA is they have pretty good inside information.
I thought about this the other day. I think it’s a goid idea.
What about business returns due tomorrow?
Nevermind...saw the rest of the article
I am recently getting concerned for both my elderly clients and my employees. My elderly clients are not very able to sign returns electronically and require one on one help with both signing and making payments. If my office staff get infected (which is a possibility because we have numerous people in and out of our office daily) then we could be causing them undo harm. I would like to tell them they can wait until this dies down before coming in to sign.
Probably an extension will be granted, but with interest.
I usually dont get my k-1 until almost the deadline...but I extend my taxes to October every year. I just overpay my estimates and then roll it to the next year.
What about State tax returns?
Anyone know about that?
They have indicated that they would be generous in determining reasonable cause
Which in IRS Speech roughly translates in polite language: "go pound sand".
You got that right.
Reasonable cause???...lolol...you will have to be in the hospital on a ventilator...and that might not even be enough
State return status here
However, most states tend to follow the leader because the tax is based on determining federal income. So its safe to say that the states will follow suit once the IRS announces.
I used do that every year. But the guy I worked with usually wanted to git ‘er done and relax after the deadline, so I was fine working with him on his schedule. When he hit 70, he decided he didn’t want to live like that in tax season, and didn’t have to.
A long, happy professional relationship.
Last summer I was driving and he called me. I asked if he was calling because I was being audited or because he was retiring.
“for most taxpayers”. Ah, there’s the rub.
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