Tax Deadline Changes

Dear Clients and Friends,

As this week comes to an end, we wanted to reach out with some news and resources.

Today, the IRS announced an extension of the tax filing deadline of April 15 to July 15 to provide more time for people to prepare and pay their 2019 tax liability. Tax payments due will not be subject to interest or penalties as a result of the extended date. Any taxpayer expecting a refund may file sooner to get their money. More guidance is expected shortly, such as if the previously announced payment deferral limits ($1 million for individuals and $10 million for corporations) still apply, and how this change impacts quarterly estimated tax payments for 2020.  Please note these changes only apply to federal tax returns; states and local municipalities may vary. We will provide more details when the IRS guidance is released.

Finally, we know how stressful these times can be for you and your family. We continue to be here for you (albeit from many different central Ohio locations) and hope you are in good health and spirits.

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