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April 13, 2020 COVID-19 Update

April 13, 2020

 

Dear Clients:

Like most aspects of our lives the past month has proven to be an unprecedented time for all of us; tax season is no different. We wanted to reach out to you to review how we will be working over the next few months to handle and navigate this complex extended tax season period. Please bear with us and review this entire notice because we have a lot of information to communicate.

Even though tax season has been extended we have been even busier than any normal year. Over the past month we have been learning the tax law changes from the CARES Act which is a new 800+ page piece of legislation that is now in effect. We have also had to learn the details of the Families First Coronavirus Response Act, help clients navigate their SBA loan application questions for both the EIDL and PPP loan programs, answer questions and at times liaison with NHES on unemployment issues, all while processing tax returns; prioritizing those receiving refunds, and counseling businesses during these difficult times. We have also run a half dozen zoom seminars on these topics during the past few weeks.

Schedule

To start with, we are taking a few days off. During a normal year we close at 12pm on tax day and are closed the following day as well. These are actually paid employee holidays per our handbook. This year will be no exception. We are also reverting back to our off-season hours and will be closed on Fridays for the remainder of the year. Therefore, we will be closed at 12 PM on Wednesday, April 15th for some much needed R&R, and will reopen Monday, April 20, at which time we will resume off-season hours of Monday-Thursday 8 AM-5 PM and closed on Fridays.

Deadlines

The IRS has moved its deadline from April 15 to July 15. This includes payments for 2019 tax filing, 2020 quarter 1 and 2020 quarter 2 estimated tax payments, and IRA, Roth, and SEP contributions. Vermont, Massachusetts, Maine, Rhode Island, Connecticut, and New York have all moved their tax deadlines to July 15 as well. New Hampshire has moved its deadline to June 15. There are various other deadlines for other states not listed above.

Due to the fact that there are different due dates for different filings we have decided to file extensions for all outstanding returns originally due on April 15 for uniformity and internal tracking purposes in our system. Because New Hampshire has only extended until June 15 we are working with that deadline as our goal. However, even if we file your return before July 15, you can still wait until then to pay if you owe. For the 8 weeks, from April 20-June 15, many of us will be working overtime on filing all outstanding tax returns.

Since March 19 the entire office has been working remotely. All 14 staff members have access to nearly everything they would in the office. We are checking the mail and our drop box on a semi-weekly basis. We will continue to work remotely in this fashion until at least June 1, 2020, at which point we will reassess the need to work remotely and make a determination to either return to the office or continue working remotely at that time.

Filing

In order to file by June 15 we will need your information no later than May 22. After June 15 we will still be working on tax returns but will no longer be working overtime so there will be a more limited amount of available time to process returns between June 15 and July 15. Therefore, in order to file on July 15 we will need ALL of your documentation by June 15 at the absolute latest . We have filed extensions for all currently outstanding returns which gives us until October 15 to file, however the date when payment is due remains July 15 (June 15 for NH) even if an extension is filed.

The following is a schedule of important dates for the rest of the year:

  • April 15 * Rust & Company closes at 12 PM
  • April 20 * Rust & Company CPA resumes off-season business hours (Monday-Thursday 8 AM - 5 PM)

  • May 22 * Deadline to have documents to Rust & Company to File Tax Return by June 15

  • June 15 * NH Tax Deadline * Deadline to have documents to Rust & Company to file by July 15 * Overtime on tax work ceases at Rust & Company

  • July 15 * Deadline for IRS (and several states) for payment (regardless of extension) and to file, without extension, for 2019 Individual, Corporate, Non-Profit, and Trust tax returns * Quarter 1 & Quarter 2 estimated tax payments for calendar year filers are due

  • August 1 * Deadline to have all documents to Rust & Company necessary to finalize extended partnership and S-Corporation returns originally due on 3/15/20 . If documents are not received by this date the preparation fee is increased by the greater of 10% of the invoice or $250.

  • September 1 * Deadline to have all documents to Rust & Company necessary to finalize extended corporate, individual, and trust tax returns due on July 15 (moved from April 15). If documents are not received by this date the preparation fee is increased by the greater of 10% of the invoice or $250.

  • September 15 * Due date to file extended Partnership and S-Corporation Returns * Quarter 3 estimated payments due for calendar year filers.

  • October 15 * Due date to file extended 2019 Individual, Corporate, and Trust tax returns

  • November 16 * Original due date for non-profit 990 filings with a year-end of June 30, 2020 * Extended Due date for Non-Profit filings with a year-end date of December 31, 2019

  • December 15 * NH quarter 4 estimated payments

  • January 15 * Quarter 4 estimated tax payments for calendar year filers are due

Please do not hesitate to contact us with any questions you may have. We realize that things are complicated this year and we are doing our best to continue to process tax returns as quickly and efficiently as possible. We appreciate your patience, understanding, and support. Remember, we are here to help and will answer all calls during our business hours.

Sincerely,

The Team at Rust & Company CPAs
Tania, Amanda, Kendall, Katie, Karynne, Christina, Nina, Angie, Tracy, Taylor, Julianna, Megan, Jon & Lynn

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