TAX NEWS-Extended time to file, pay, virus issues, and plans for assistance...

Hello everyone!

I hope you and your family are staying healthy & safe.

What follows is recent news from the IRS & Oregon Department of Revenue regarding tax changes in filing and payment deadlines for your 2019 personal income taxes.

Please email if you have additional questions. I'm here to help!

t  a  x      n  e  w  s

Both the IRS and state of Oregon have extended time to file until July 15, 2020... IRS/ODR both have websites detailing the tax extensions, virus issues, and plans for assistance...

i r s   l i n k s

https://www.irs.gov/coronavirus

IR-2020-58, March 21, 2020

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. (note-if you want to file taxes later than that 7-15-20 date, you WILL need to file extension forms!)

https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-fil...

https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus

Here is an IRS link with information on economic impact payments, who is eligible, how to get IRS your bank information, low/no income filers may need to file a tax return to get a check, etc...

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

irs filing and payment deadlines

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-...

o r e g o n   l i n k s

Oregon Department of Revenue has announced an extension for Oregon tax filing and payment deadlines for personal income taxes and some other taxes closely following the IRS extension de​claration​. On March 21, 2020, the IRS issued a news release (Notice 2020-58​) automatically extending the filing due date to July 15, 2020, for all returns due April 15, 2020, and allowing all ​​payments due on that date to be deferred until July 15, 2020, without penalties or interest, regardless of the amount of the payment.

https://www.oregon.gov/dor/Pages/COVID19.aspx

https://www.oregon.gov/newsroom/Pages/NewsDetail.aspx?newsid=36265

c i t y   o f   p o r t l a n d   l i n k

https://www.portlandoregon.gov/revenue/article/757214

These automatic extensions of time are also an extension to pay – except that Oregon has not yet extended time for 2020 quarterly estimates – at this point, Oregon’s quarter #1 is still due on 4-15-20, and #2 June 15th. IRS has extended the 1st quarters 2020 estimate (1040-ES) to 7-15-20, but at this point, the 2nd quarterly IRS estimate is still due 6-15-20.

With that said, if you haven’t sent in your 2019 tax data yet - I'd still like to get your taxes done much sooner, but please don't feel under pressure! Just let me know if your tax information will be delayed beyond the original April 15th deadline.

Also let me know if you have any questions.

Wash your hands, keep a +6’ distance & stay home if you can…

Thanks so much & be safe!   Garland

Garland Taylor CPA, Pres.

Garland Taylor CPA PC