With everything changing by what seems like the hour, we have some new updates for you and some important details about the tax deadline extensions.
First, we are considered an essential profession and will remain operational as we have been. That means our doors will remain closed to the public and we will have limited hours for essential drop-off and pick-up (please call to make arrangements). We will continue to work and serve our clients as long as our office is healthy, which is why we are keeping our doors locked for the foreseeable future.
As for the extended tax deadline:
1. Individual tax returns are due July 15, 2020 for Federal and Minnesota.
2. Any tax that would have been due on April 15th is now due on July 15. This also applies to the Federal 2020 first quarter estimated tax payment. However, Minnesota 2020 first quarter estimated tax payment is still due on April 15th at this time. (Note: We will continue to monitor the situation. For clients who have not had their returns completed, we will contact you if you need to make a payment by April 15th.)
3. If you are considering making a retirement contribution or HSA contribution for the 2019 tax year, the deadline for that has also been extended to July 15th.
4. Estate and Trust tax returns are still due on April 15th. Therefore, these returns are taking top priority in our office.
A stimulus bill was passed and will be providing financial support to the vast majority of you. We are still waiting on specific details as to how this is going to work, but we will continue to monitor it and post updates for you.
Lastly, we want to stress that this extension relieves a lot of concern. We have MORE than enough time to get all of your tax returns filed. Even with the alternative methods to get everything processed we are currently projecting to have everything filed by the end of April. Our biggest obstacle in achieving that is addressing concerns. Please know that we have all of our clients in mind and are making sure that you are meeting all requirements for this unusual tax season. This is the best place to get updates from us, and help relieve pressure from phone calls, so that we can keep working on your tax returns. However, know we will remain available to answer your questions and we will call you to set up arrangements when your return is ready.
Thank you to all of our great clients for your understanding and flexibility during this time. Stay healthy!