Tax Planning Services
COVID-19 Tax Resources
As Congress moves quickly to combat the impact of the coronavirus, we’re here to help you with tax preparation, revenue planning, financial statements and more. 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.
COVID-19 Relief for Taxpayers
- 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.
- 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.
- Oregon Tax Relief Information – The DOR has come out with preliminary guidance that they would adjust to any updated Federal due date for returns. Since the IRS did not change the actual due date of the return, it is unclear if anything has changed in regards to Oregon filing or not. Also said that as long as businesses make a good faith effort of estimating their first Oregon CAT estimate payment due April 30, underpayment penalties may be waived.
- California Tax Relief Information – 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.
- Washington Tax Relief Information – 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.
- State Tax Filing Guide (all states)
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.
For more information on what Aldrich is doing to help our clients with the challenges of continuing businesses during the spread of the coronavirus, visit our COVID-19 Resource Center.
Constantly changing rules require a team who knows you, your business and tax implications.
Our professionals meet your needs while helping you manage tax risk, control costs and reap maximum benefit.
Employing professional tax planning services is an essential element of any integrated wealth management strategy for individuals and businesses. We offer forward-looking consulting and compliance services to help you build your net worth and manage your obligations.
What We Do
Planning and preparation services:
- Compliance and preparation services
- Strategic tax planning services
- Trusts, partnerships and estates
- Research and development tax credits
- State and local taxes
Meet Our Professionals
Steve Mentzer, CPA, CFP®, CSEP®
Aldrich CPAs + Advisors LLP
Steve Mentzer’s areas of expertise include strategic tax planning and personal financial planning. He helps high-net-worth individuals and business owners assess their current financial situation and identify their financial goals. Steve builds long-term relationships with his clients and tailors his recommendations to fit the client’s unique needs. He is a member of the American Institute…
- Closely-held businesses
- High-net worth individuals
- Strategic tax planning and compliance
- Certified Specialist in Estate Planning (CSEP)
- Certified Financial Planner™
- Certified Public Accountant
Tax Planning News and Insights
As 2020 comes to a close, we want to thank our clients and staff for an incredible year. Despite the ups and downs,… t.co/mFBiTvvY0K
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The next business resources webinar will be examining the new opportunities for partnerships and market consolidati… t.co/sWG530eM3C
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