The IRS is extending even more tax deadlines to July 15. Here’s what you need to know.

Greetings all,

I hope you are all fairing well during these difficult times. For us at the G&F, it has been a journey. This journey is still carrying us on to the former busy season deadline of April 15th (now July 15th). I never imagined a time working from home was the new normal and video conferencing was the only way to see people. If you haven’t participated in a video conferencing social event you are missing out! My wife created one for the entire family and it was so much fun. Better yet, the clean up afterwards made it one of the best family party to date… I’m planning on replicating post-quarantine. On Friday March 27, 2020 the President signed into Law the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”. In addition to the additional funding for hospitals and broader access to additional virus testing across the country the CARES Act includes over $2 Trillion in funding for individuals and businesses of all sizes through a variety of direct cash payments, loans, tax credits, and payment deferrals.

The total Act is 880 pages long not including amendments, so we are outlining various provisions below, but we expect to have further clarity and potentially changes to many of the points below in the coming days. We are working to decipher the options available to you and are planning to continue having discussions with all of our clients in the coming days regarding a plan of action. Many of you have already reached out and I anticipate many more will be reaching out to us in the coming weeks. (Please do not hesitate to reach out with any questions you have.)

As we noted above, this is an extremely fluid situation, and we expect there to be additional clarifications to the current CARES Act over the coming days and weeks. Additionally, there is an expectation that this will not be the only stimulus funding available to taxpayers, so as any new information arises, we will keep providing updates. We hope that you are all healthy and safe, and we thank you for your continued trust in us.
Stay safe, stay healthy, and find at least one part of your day to enjoy!

Regards,

Scott French, CPA