To our Valued Clients and Friends,
In response to the national emergency and the recent events by our local agencies regarding the COVID-19 virus, including the Yakima County Stay at Home order, Alegria & Company has taken steps to protect and support our clients and our staff.
We want to ensure you that we are taking recommended precautions to keep our clients and staff safe while also continuing to provide our clients with exceptional service. We are taking a proactive approach and are focused on conducting business using available technology. We have closed our offices and most of our team will be working remotely to continue to work on our clients’ tax returns and other tax and accounting needs and will be available during business hours via email and phone.
Business are being affected by the coronavirus and fortunately Congress recently passed a law that provides some relief.
- The Families First Coronavirus Response Act is in effect and provides relief for taxpayers and businesses to include: The IRS announced that the 2019 income tax filing deadline will be moved to July 15th from April 15th, 2020, because of COVID-19. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.
- Paid Leave for workers
- Tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
Guidance on Federal Income Tax Deadline Deferrals Specifics under Notice 2020-18 are as follows:
For individuals. Individual taxpayers can defer payment of federal income tax (including any self-employment tax) owed for the 2019 tax year from the normal April 15 deadline until July 15. They can also defer their initial quarterly estimated federal income tax payments for the 2020 tax year (including any self-employment tax) from the normal April 15 deadline until July 15.
For corporations. Corporations that use the calendar year for tax purposes can defer until July 15 any amount of federal income tax payments that would otherwise be due on April 15 with no interest or penalties. This relief covers the amount owed for the 2019 tax year and the amount due for the first quarterly estimated tax payment for the 2020 tax year. Both of those amounts would otherwise be due on April 15. (Earlier IRS guidance imposed a $10 million limit, but that limit was eliminated by Notice 2020-18.)