How COVID-19 Affects Individual Taxpayers

March 20, 2020

We are reaching out to you in regards to the Covid-19 coronavirus and how it is affecting not only us and our team but also how it affects you as a valued client during the 2020 tax season.  We hope that you are staying safe during this unprecedented time.

Current changes for individual taxpayers

  • The tax due date, originally April 15, 2020, for filing or making a payment of your 2019 income taxes that are due has been postponed to July 15, 2020.
  • Your first quarter estimated tax payment (if applicable) for 2020 income tax that are usually due April 15, 2020 has also been postponed to July 15, 2020.
  • Unfortunately, the IRS has not yet addressed the second quarter 2020 income tax payments that are due 6/15/20 but we feel confident that they will soon since first quarter is due 7/15/20. It would make no sense to pay second quarter before the first quarter is due.
  • We will address with you individually on all state deadlines that might or might not line up with the IRS. The states are still scrambling, including Oregon, so we will address everyone individually on what we have to do for all state returns.  See our website for AICPA state updates.

The maximum that can be postponed is $1,000,000 for all payments due April 15, 2020, both 2019 balance due and the first quarter of 2020.  The $1M limit is the same for single filers and for married individuals filing jointly.  Similar rules apply to C corporations, except that the limit is $10M for a corporation filing separately or for a consolidated group.

Our firm’s office plan

To protect the health and safety of our employees and clients, we have launched our business continuity plan.  Our team is equipped with the technology to work remotely, and remain fully available.  Your calls and e-mails will be answered, and we will continue to represent our clients with a high level of client service, responsiveness, and expertise.

Note: our office will be closed even if a staff member is in the office working.  Signs will be posted on our front door.  There is a drop off/mail slot on our back door by the woman’s restroom.

Please do not hesitate to contact us if we can offer you any support.