COVID-19: Tax Guidance

For more information regarding the CARES stimulus package please click HERE or navigate to our “CARES Act Stimulus” page.

APL II, CPA Guidance – Filing Your Return & Remitting Payment

The deadline to both PAY tax and FILE your federal tax return is extended to July 15, 2020

  • If you expect a tax refund do NOT delay filing your tax return. The sooner you file the sooner you get your money. The IRS is turning around refunds within 21 days.  We plan to continue to work to file all returns as soon as possible in order to provide our clients with any potential refund they are due. Our office will operate with remote staff.  Please be assured we have the systems in place that allow our team to work remotely with the same levels of security and access that we experience in our office.
  • If you have already filed your taxes and you owe tax, you CAN, if you choose, delay payment until July 15th.
  • If you have the resources, pay any tax due with the filing of your return. This eliminates the risk that you forget to pay later in the year.  Penalties and interest will start to accrue July 16th.

If You Need More Time to File Your Tax Return

You must file Form 4868 to request an extension by July 15, 2020. This extension would give you until October 15 to file your return, but your payment would still be due by the extended payment deadline, July 15, 2020.

Estimated Tax Payments for 2020

The IRS has permitted all payments due April 15th and June 15th to be delayed until July 15th.  This includes the 1st Quarter estimated tax payment, usually due April 15th   and the 2nd Quarter payment usually due June 15th.

Other Considerations

  • The deadline to contribute to your 2019 IRA has been extended to July 15, 2020.
  • The deadline to fund your 2019 Health Savings Accounts (HSAs) has been extended to July 15, 2020.

TAX FILING HEADLINES

Massachusetts Announces State Income Tax Filing Deadline Being Extended to July 15

IRS Posts FAQs About Coronavirus-related Filing and Payment Extensions

We will continue to update you as things change or more information is received.