2020 in the News

Coronavirus Response: Extension of Time to File and Pay

FL

Senate Passes the CARES Act (Phase 3 of the Coronavirus Pandemic Relief Efforts)

FL

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.

IRS Releases Frequently Asked Questions (FAQ) Pertaining to Notice 2020-18 Clarifying Rules for Excess Deferrals and IRA/HSA Contributions

FL

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. 

Tax Day now July 15, 2020

FL

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.    

CS&L Office Update - Important COVID-19 Information

FL

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.