Topel Forman News

COVID-19 Update: IRS Provides Guidance on Filing Extensions

March 23, 2020

Clients and Friends of Topel Forman,

On Friday, March 20th, the IRS issued Notice 2020-18 that expanded on the tax relief measures announced earlier last week in Notice 2020-17.  Notice 2020-18 provides the following updated guidance:

Taxpayers now have the ability to defer the filing of their 2019 Federal income tax returns or extensions until July 15th.  There is no need to file an extension by April 15th.  If taxpayers are unable to file by July 15th, an extension will be due at that time to allow additional time until October 15th to file their 2019 tax returns.

The $10,000,000 (for corporations) and $1,000,000 (for other non-corporate taxpayers) limitations on the amount of deferred payments no longer applies. Taxpayers can defer any amount of payment due April 15th until July 15th without penalty or interest.

Congress is also working on separate legislation related to the COVID-19 pandemic that is expected to further impact your 2019 and 2020 tax payment and filing requirements.  We are monitoring the progress of new legislation and will update you as additional guidance becomes available.

Please note that many states have not yet adopted the Federal payment and deferral guidance; however, additional state guidance is anticipated in the coming week.  We will continue to inform you of these developments and advise you if any state tax payments need to be paid by April 15th.

While the April 15th Federal payment and filing deadline has been delayed until July 15th, we are still encouraging our clients to send us their tax documents as soon as possible, even if not complete, so that we can continue to process your tax returns in a timely manner.  Your documents can be uploaded to the client portal at https://topelforman.com/client-portal/.  If you are having trouble accessing your portal, please contact portalsupport@topelfor.wwwmi3-ts102.a2hosted.com for additional assistance.

If you have any questions please do not hesitate to contact your Topel Forman professional.

Topel Forman LLC

If you have questions, please reach out to your Topel Forman contact.

 

Related News Posts

Stories From Women In Accounting

Stories From Women In Accounting

For International Women’s Day and Women’s History Month our Women’s Employee Resource Group and our DEI Committee hosted a panel featuring six of our professionals from tax, audit and operations. They had an inspiring and insightful conversation about their unique experiences navigating motherhood, external and self-made expectations, and being able to maintain a balanced life. Here are some highlights from our discussion: 

read more
Proposed Legislation: The Tax Relief for American Families and Workers Act of 2024

Proposed Legislation: The Tax Relief for American Families and Workers Act of 2024

On January 19, 2024, the Ways and Means Committee of the House of Representatives successfully propelled HR 7024 forward, known as the “Tax Relief for American Families and Workers Act of 2024.” The bill is the outcome of an agreement established earlier that week between the Ways and Means Committee’s Chairman Smith and the Senate Finance Committee’s Chairman Wyden.

read more
The standard business mileage rate will be going up slightly in 2024

The standard business mileage rate will be going up slightly in 2024

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5 cents for 2023).

read more