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CS&L in the News
April 8, 2020
As you are aware, the Treasury Department and the Internal Revenue Service (IRS) have announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. The due date is automatically extended from April 15, 2020, to July 15, 2020, without penalties and interest regardless of the amount owed. Any person with a Federal income tax return or payment due on April 15, 2020, is eligible for relief.
This includes any type of taxpayer, such as an individual, a trust, an estate, a corporation, or any type of unincorporated business entity. This relief also applies to gift tax or generation-skipping transfer tax payments due or the requirement to file Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return on April 15, 2020.
The payment due refers to both 2019 Federal income tax payments (including payments of tax on self-employment income) and 2020 estimated Federal income tax payments (including payments of tax on self-employment income), regardless of the amount owed. The return or payment must be due on April 15, 2020 - this relief does not apply to Federal income tax returns and payments due on any other date.
Taxpayers do not have to be sick, or quarantined, or have any other impact from COVID-19 to qualify for relief. Also, taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief.
You do not need to call our offices to inquire as to your extension. We are working through the information you’ve submitted (if you have sent us your material) and are trying our best to complete your tax returns as quickly as possible. We will reach out to you if we are missing items or if you have a deadline (for example a State or City tax return) that has not been automatically extended. If you have not provided us with your material, please send it in as soon as you are able. The preferred method at this time is for you to provide your documents electronically via our Sharefile portal or via mail. To access the portal visit our website at www.cslcpa.com and click on the “Sharefile” tab at the top of the page.
Thank you for your patience during this unusual and stressful time. We too have been impacted by requiring a remote work environment, and many of our wonderful staff are impacted by the requirement to educate their children from home during the day. These conditions have resulted in a significant reduction in work efficiencies and an increase to the time required to complete your tax returns. We applaud our staff for their dedication to continue to work through these very adverse times on our client’s behalf.
On March 25, the Senate passed a $2 trillion emergency aid proposal to stimulate the US Economy in the midst of the Coronavirus pandemic. The House is scheduled to vote on the bill Friday, and then it will go to President Donald Trump, who is expected to sign it. This legislation, H. R. 748, ‘‘Coronavirus Aid, Relief, and Economic Security (CARES) Act,” aka the “Phase 3” bill, provides significant tax and non-tax stimulus to individuals and businesses. Click here to download a brief summary of key provisions.
On March 24, 2020, the IRS released frequently asked questions (FAQ) pertaining to Notice 2020-18, which extends Tax Day to July 15, 2020. One of the items we mentioned in our March 22, 2020 Email correspondence was clarified and not the result we anticipated.
Excess elective deferrals in 2019 to a workplace-based retirement plan must be withdrawn from the plan no later than April 15, 2020, in order to exclude the distributions from income. This date was not extended as a result of the Notice 2020-18 tax relief.
The IRS has confirmed that 2019 contributions to IRA and HSA accounts will be extended to July 15, 2020 as a result of the Notice 2020-18 tax relief.
The FAQ website is a good resource for specific questions you may have can be found here:
The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020 in Notice 2020-18.
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. Information can be found at the IRS website www.irs.gov/coronavirus.
We are committed to providing you with the best service possible in preparing your tax returns/extensions, and will continue to work hard to get tax returns completed and filed as quickly as possible for you. Please continue to send us your tax material. We appreciate your efforts to assist us in doing so timely, understanding that each of you will be impacted differently and have different priorities.
How Can CS&L Help
We are still here to help. Although our physical offices are closed to help do our part to slow the spread of COVID-19 (see correspondence dated March 20, 2020 or visit our web site), we are still open and working remotely and available to help navigate the changing rules for you personally and your business. The health and safety of our employees and clients is paramount and CS&L, CPAs has been taking enhanced precautions concerning the spread of COVID-19. If any major changes occur, we will update you with details. Thank you for your business. We wish you and your family good health. If you have any questions or further concerns, please do not hesitate to contact one of our offices.
Questions & Answers
What tax payments are deferred until July 15, 2020?
Federal income tax payments (including self-employment tax) due on April 15 are being automatically extended until July 15, 2020, for any amount due (no longer limited). Taxes due for the 2019 taxable year and the 1st quarter estimated tax payment for 2020 are included in this relief.
The second quarter estimated tax payment due June 15, 2020, has not been deferred at this time.
Are Individual Retirement Account (IRA) and/or Health Savings Account (HSA) contributions for 2019 now due on July 15, 2020?
The rules state that IRA/HSA contributions for 2019 need to be made by the due date for filing the return for that year (not including extensions) which is now July 15, 2020. The IRS’s guidance implies this, but the agency hasn’t yet made it explicit. The July 15th date should also apply to withdrawals of excess contributions made for 2019. If the IRS later states a different date, we will inform you.
Can my return be e-filed without submitting payment?
Yes, and we encourage you to return the signed Form 8879 to us as soon as possible. We can file the returns as soon as possible, and payment of the tax can be made by check with a voucher form any time before July 15, 2020.
What if my return will not be ready to file by July 15, 2020?
An extension of time can be filed by July 15, 2020 to extend the deadline to October 15, 2020 for individuals and C Corporations, and to September 30, 2020 for fiduciaries).
What if I don’t pay by July 15, 2020?
After July 15, penalties and interest will begin to accrue on any remaining unpaid balances.
CS&L has already e-filed my tax return, and payment of tax was set for auto-debit (withdrawal) on April 15, 2020. Will the withdrawal(s) now be on July 15, 2020?
NO! If returns have already been e-filed, the payment date of April 15, 2020 will not change. In order to change this date, you must call the IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling. Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date.
You will need to send your payment with a voucher, so please contact our office if you need a voucher or assistance with cancelling a payment.
Does this relief apply to other types of taxes?
The relief provided by the IRS does not apply to state income taxes, payroll or excise taxes, or any other Federal tax.
Please see our correspondence dated March 20, 2020, for an update to our office closures and remote working. We are committed to providing you with the best service possible in preparing your tax returns/extensions. The health and safety of our employees and clients is paramount and CS&L, CPAs has been taking enhanced precautions concerning the spread of COVID-19. If any major changes occur, we will update you with details. Thank you for your business. We wish you and your family good health. If you have any questions or further concerns, please do not hesitate to contact one of our offices.
As the spread of COVID-19 continues, CS&L continues to monitor the constantly changing landscape and look for proactive solutions to balance our mission for client service, with safety and health of our employees, clients and the community in mind. We are taking the following steps to help ensure everyone's health and safety while still serving the community.
Office Closure: We have temporarily closed our offices and will be working remotely for the time being. We have the ability to securely access all of our systems and records with the same capabilities that we have in the office. No client documents, personal information or sensitive documents will leave our office.
Communication: While we look forward to face-to-face visits when we re-open our office, we are asking for communications to be by email or telephone. We will continue to receive voice mail messages. Face-to-face meetings are an option if an emergency (but would follow all CDC guidelines), but not the preferred method during this unusual time of high virus spread.
Document Delivery: When possible, please utilize your secure portal (Sharefile) available through our website (www.cslcpa.com ). Other options include encrypted email, certified or overnight mail, or the drop box at our Bradenton office, located in the outdoor hall between the parking garage and the building. If you do not currently have a Sharefile account, please call or email us and we would be happy to set you up with a client portal, or work to find an alternative solution for you.
Tax Return Delivery: Your completed income tax returns will be delivered via your secure online portal or by mail, when possible. The April 15, 2020 Federal filing and payment deadline has been extended automatically until July 15, 2020. We continue to monitor the state guidelines as they are determined.
For information see the Resources page on our website.
These are unusual times that require us all to have patience and flexibility, with the ultimate goal to keep everyone healthy and safe. We are thankful for our customers and we are fortunate to be able to continue to work remotely and do our part to help slow the spread of this virus. We look forward to re-opening our office facilities and seeing you again in person in the near future.
Hurricane Irma: Business Interruption Insurance Claims and Disaster Advisory Services
September 22, 2017
On behalf of the firm, we hope that your family and businesses experienced minimal damage and disruption from Hurricane Irma. While the storm created challenges and hardships for many, we are grateful that the worst-case scenario for our region did not transpire.
Hurricane Irma Office Closure Notice for September 8, 2017
September 8, 2017
IMPORTANT CLIENT ALERT:
Please be advised that due to the potential impacts of Hurricane Irma, all three CS&L CPAs office locations (Bradenton, Sarasota and Tampa) will be closing at noon on Friday, September 8, 2017.
CS&L CPAs Recognized Among 2017 Best Firms for Leadership Equity
June 6, 2017
The CPA profession is doing better than it ever has to advance women, but women still comprise only 23% of partners and principals. That’s a challenge for succession planning, growth and workload management.