We are watching the legislation for the COVID stimulus bill and will provide updates as soon as we know the details.
The IRS has clarified that the extended deadlines for filing mean that IRA and HSA contributions for 2019 may also be made up until July 15th.
With the COVID-19 outbreak, we are continuing to provide services while at the same time working to understand all of the changes that are taking place. While we will continue to send updates and provide information, the following is a list of links to primarily tax and other government related information that has been posted related to COVID-19. Please continue to check these sources for ongoing updated information as it may relate to your business.
The IRS, MN & WI have all extended the individual deadline to file and pay taxes due until July 15, 2020.
Taxpayers will automatically receive an extension of time to both file and pay their 2019 Federal, MN & WI taxes until July 15th, 2020. This applies to amounts usually due on April 15th for the 2019 tax returns.
In addition, the IRS and WI have extended the deadline for the first estimated tax payment until July 15th. The remaining estimated payments are still due on the normal dates in June, September and January.
MN has not changed the due dates for estimated payments, and the deadlines remain April 15th, June 15th, September 15th, and January 15th (2021).
The rules for business and trust returns are a bit more complicated, so feel free to contact us for more details about those entities.
With all the challenges that have occurred recently, many of the returns that we are working on will not be completed by April 15th. That said, we are still doing our best to complete the returns that we have received as soon as we are able, so that our clients can get their refunds quickly or know their amounts due with plenty of time to pay.
We continue to watch for additional guidance and updates from the taxing agencies and we will do our best to keep you informed as we receive information.