Understanding the Changing Tax Landscape
The Aldrich team is here to support you and your business as you face uncertainty. Our extended consulting services can help you find a way forward during economic hardship and make the most of the tax relief provided by the government. If you have questions about the tax implications to yourself or your business related to the outbreak, please contact your Aldrich Advisor.
Latest Tax News
Understanding the Impact on You and Your Business
IRS Operations During COVID-19
To protect the public and employees, and in compliance with orders of local health authorities around the country, certain IRS services such as live assistance on telephones, processing paper tax returns and responding to correspondence are extremely limited or suspended until further notice. Learn more about IRS operations during COVID-19.
Economic Impact Payment Information
The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. Learn about eligibility and filing information from the IRS.
IRS Filing and Payment Extended to July 15, 2020
The Internal Revenue Service is providing special payment relief to all taxpayers in response to the COVID-19 outbreak. Both the filing deadline and tax payment deadline have been moved 90 days. The IRS urges taxpayers who are owed a refund to file as quickly as possible. This relief covers all income tax returns and payments originally due April 15, 2020. Learn more.
Filing and Payment Deadline FAQ
The IRS developed this resource to answer common questions from taxpayers regarding eligibility, filing paying 2019 income taxes and 2020 first quarter federal estimated income taxes, IRAs and workplace-based retirement plans, HSAs and MSAs and more. Read the FAQ.
Oregon Tax Relief
On Wednesday, March 25, Governor Brown announced that income tax payments and income tax returns due April 15 and May 15 would now be automatically extended to July 15, which will match up with the federal extension. Oregon did not extend the payment date for the 2020 estimated payments that are due April 15. The estimates will still be due on their regular schedule. Matching up with the preliminary guidance, the first Oregon CAT payment is also still due April 30, although Oregon may waive some underpayment penalties if the estimate amount is done in “good faith.” More from the Oregon DOR.
California Tax Relief
All taxpayers are granted an extension of time to file and pay state returns and tax payments until July 15. All payments that would have been due between March 15 and July 15 are now due July 15. This includes all quarterly estimates, as well. Other tax filings outside of income tax also qualify for relief but taxpayers must apply directly with the CDFTA for such extensions. More from the California Franchise Tax Board.
Washington Tax Relief
Taxpayers can request a 30-day extension for filing their excise tax return. Extensions must be requested before the due date of the affected return. Businesses can also request to have the late payment penalties waived. The DOR may also work with businesses that cannot file and pay within the 30-day window but businesses will need to work directly with the state. As of March 19, the Governor’s website has different guidance for such extensions then the Department of Revenue’s website. This difference is still being resolved. 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. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. More from the Washington DOR.
State-by-State Tax Filing Guide
Aldrich Clients: Submitting Your Tax Information
Clients able to submit tax information on the normal schedule should continue to provide all information for returns currently due. Our tax team is working remotely during the COVID-19 outbreak, but still working full steam ahead. Here are the next steps you should take if you have not yet done so:
- Upload your tax documents via our secure portal.
- If you are anticipating a refund, we suggest filing your taxes as soon as possible to ensure you receive refunds.
- Aldrich will deliver all finalized returns by fully electronic means via our secure portals when finalized.
If you need assistance accessing your online documents, please email our team at firstname.lastname@example.org or give us a call at 877.620.4489. Additionally, If the impacts of COVID-19 are preventing you from submitting your taxes on the normal schedule, please contact your Aldrich Advisor.
COVID-19 Business Continuity
Aldrich can help you develop the strategies, policies and procedures necessary to navigate emergency scenarios to keep your team afloat.Read more