Coronavirus Update

In response to the coronavirus outbreak, our office will be closed to the public for the foreseeable future. Dropping off tax documents can be done thru our mail slot anytime, and of course you can send us digital documents securely by clicking on the "client access" tab. Of course, we are canceling all in person appointments but happy to do mettings via phone, Skype or Facetime.

Treasury Secretary Steven Mnuchin announced 3/17/2020 that interest and penalties relief for tax payments due on 2019 returns; "If you owe a payment to the IRS, you can defer up to $1 million as an individual — and the reason why we are doing $1 million is because that covers lots of pass-throughs and small businesses — and $10 million to corporations, interest-free and penalty-free for 90 days. All you have to do is file your taxes, you'll automatically not get charged interest and penalties."

On 3/20/20 Treasury Secretary Steven Mnuchin made a further announcement on Twitter; "we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties." You can find the latest information by visiting the Internal Revenue Service here

The Massachusetts Department of Revenue has announced that they will be following any Internal Revenue Service protocols. You can read their updates here.

The bottom line is that virtually nothing is due on 4/15 this year, most normal 4/15 deadlines have moved to 7/15 for 2020. This includes your 2019 health savings account, Individual Retirement Account (IRA)'s, 2019 federal tax payments under $1 million and 2019 federal and Massachusetts personal tax returns, all moved to July 15.

COVID-19 Tax Resources

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