Please note: This video provides the most current information regarding federal tax filing and supersedes an earlier piece we put out last week. We will continue to make updates as the situation progresses.
Things sure are changing quickly with respect to taxes this week. Over the weekend, the IRS announced they were removing all thresholds pertaining to the filing and payment extension. In this video, John discusses this change and has an important message for all LGA clients.
Good afternoon everyone. It’s Johns Geraci here, managing partner at LGA with another update. Things are changing so rapidly. It’s very hard to keep up with it all. So just wanted to bring you up to date with respect to the latest from the IRS. On Saturday, the IRS released guidance that officially extended the due day for filing and payment to July 15th for all taxpayers. So previously they had limited this extension of time to pay to certain taxpayersnwho had obligations that were less than that certain thresholds. They’ve removed the threshold. So this now applies to all taxpayers. So regardless of your income levels, regardless of the amount of tax that you owe, all filing and payment is now extended to July 15th, as well as the first quarter estimates that would’ve ordinarily been due April 15th. We also wanted to just tell our clients, send the message to our clients and say, we continue to produce tax returns.
We continue to do an effective job working remotely. We do have an essential team at the office that continues to process inbound mail and they’re able to scan this information and get into our team’s hands electronically. So we do encourage our clients to continue to send that information, allow us to keep things moving which is in obviously everyone’s collective best interest. And then to the extent that you want to know where your return stands and have any questions, we encourage you also to reach out to your tax team members in any point in time, have a conversation. We’re going to do whatever we can to keep things moving. We won’t be able to get to everything. This deadline and the waiver of interest and penalties now, sort of removes any obstacles for us and we’ll just do it to be able to process things as timely as we possibly can. So, we’ll continue to catch up with you as things continue to change and I hope everyone’s staying safe and healthy. Thank you.