We hope this message finds you healthy and well.
We understand this has been an extremely stressful time. So much has changed in such a short period of time. First and foremost, we are considering the health and safety of our staff, associates, friends, family, community, and especially our clients, in mind. We are closely monitoring the CDC’s recommendations, including limiting person-to-person contact.
With this in mind, we have initiated a new office policy that will allow us to remain fully operational while maintaining social distance. In light of what is happening in other states, and the continued severity of the pandemic, our office will be staffed with administrative personnel on Mondays, Wednesdays, and Fridays from 10am – 2pm. For your safety as well as those of our team, we ask that you limit your interaction with us to phone calls and emails, if possible. However, if you desire to drop off tax documents, please be aware that effective next week, these are the hours that our office will be open. The majority of our staff will be working remotely from home during this pandemic. However, during this time, you can expect the same level of service.
As we mentioned previously, Secretary of the Treasury Steven Mnuchin announced in a press conference on Tuesday, March 17, 2020, that taxpayers can delay paying their income tax for up to 90 days. The IRS will waive penalties and interest on tax payments for 90 days from the April 15 deadline (to July 15th). This applies to individual tax payments up to $1 million and corporate tax payments up to $10 million.
Since the announcement, the IRS issued Notice 2020-17, which states the following: “The Applicable Postponed Payment Amount is up to $10,000,000 for each consolidated group (as defined in §1.1502-1) or for each C corporation that does not join in filing a consolidated return. For all other Affected Taxpayers, the Applicable Postponed Payment Amount is up to $1,000,000 regardless of filing status. For example, the Applicable Postponed Payment Amount is the same for a single individual and for married individuals filing a joint return. In both instances the Applicable Postponed Payment Amount is up to $1,000,000.”
“The relief provided in this section III is available solely with respect to Federal income tax payments (including payments of tax on self-employment income) due on April 15, 2020, in respect of an Affected Taxpayer’s 2019 taxable year, and Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for an Affected Taxpayer’s 2020 taxable year.”
“As a result of the postponement of the due date for making Federal income tax payments up to the Applicable Postponed Payment Amount from April 15, 2020, to July 15, 2020, the period beginning on April 15, 2020, and ending on July 15, 2020, will be disregarded in the calculation of any interest, penalty, or addition to tax for failure to pay the Federal income taxes postponed by this notice.”
In addition, since our first letter to you, new updates regarding what we typically refer to as “Tax Day” have been announced. Treasury Secretary Steven Mnuchin tweeted today, Friday, March 20th, that, "We are moving Tax Day from April 15 to July 15," "All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."
As of this writing, the IRS has not yet issued formal guidance on the tax filing change. Once additional guidance is issued, and we are able to confirm the specifics, we will update you with any additional information available.
The Colorado Department of Revenue has stated they will mirror the guidance issued by the IRS, implying they will also allow a 90 day extension for tax filing and tax payments.
If filing your taxes remains on the top of your list, we are open for business and ready to help you get every credit, deduction and refund you’re owed. In fact, we encourage you to get your tax information to us as soon as possible, especially if you are due a refund.
We have several ways you can get information to us to prepare your taxes:
Online Portal –Our Portal is a convenient and easy method to transfer and manage tax information. It can be used with any browser as it is a cloud based program. Getting set up to use the Portal is an easy process. Simply provide us with your name and email address. You will receive an email prompting you to enter your email address, which will become your username going forward. Also, you will be prompted to create a user password to access the Portal. Upon access, you will be able to securely upload and download information to the default file folders either by drag & dropping your documents or by using the menu located at the top of your Portal.
Secure Email – Send us an email, and we can provide a link for you to use to securely send information back to us.
Mail - We will continue to check the office mail daily and assign information as it is received.
Drop off - Our office will be open on Mondays, Wednesdays, and Fridays from 10am – 2pm, if you feel more comfortable dropping off your tax information.
If you have any questions or concerns, please do not hesitate to reach out to us.
Ian D. Gardenswartz & Associates
The interactive calendar highlights federal and state tax due dates, special firm events and other important dates that may be of interest to you. Because the calendar is continually updated, check back often to keep track of filing requirements, deadlines and other events that will help you stay current and up-to-date.
Federal Tax Forms & IRS Publications
Looking for a federal tax form? Browse this online tax forms library to find downloadable IRS forms. The forms are presented in PDF format and are acceptable for filing with the IRS. You may also choose from dozens of helpful tax publications developed by the IRS to help taxpayers have a better understanding of various tax issues. Available in PDF format, these publications are written in a plain language format geared specifically to taxpayers.