Dear Clients and Friends:
For businesses based in Georgia and certain surrounding counties that are seeking emergency SBA loan assistance please see the information sheet published by the SBA found here.
We would also like to make you aware that today Treasury Secretary Mnuchin announced an automatic extension until July 15, 2020 for “all taxpayers and businesses” returns otherwise due by April 15, 2020 to file and pay without penalty or interest. Previously, the Secretary and IRS had provided for an extension until July 15, 2020 only for certain tax payments. We are awaiting further guidance, but this message appears to effectively shift the Federal April 15th tax deadline for all returns and payments out to July 15th. More information on the announcement can be found here: https://www.cnbc.com/2020/03/20/ccoronavirus-mnuchin-says-irs-will-move-tax-filing-deadline-to-july-15.html
We are continuing to monitor guidance from states related to this federal extension, but expect most states to follow the federal extension provisions. The AICPA provided this summary of state extension provisions as of Wednesday: https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf.
Our firm continues to monitor government announcements related to the coronavirus impact and will provide updates as we’re able. We also continue to handle tax return preparation and other projects as we’re able, largely with our team working remotely. Accordingly, we ask that our clients please try to remain patient as we try to address our clients’ most urgent needs first and understand that the current environment likely means delays on delivery of some projects.
We hope you, your employees and loved ones all remain well.
CoNexus CPA Group, LLC