Tax Season Update

Hey there, it’s me again!

I just wanted to send you a quick message to keep you updated with the latest changes impacting Tax Season 2020. On Friday, March 20th the IRS announced that the normal tax return filing deadline of April 15th has been extended to July 15, 2020. This gives everyone who has not yet filed more time to gather their tax documents, get everything in our hands and for us to prepare your returns. I certainly don’t expect (nor want) to be preparing tax returns during the summer months and am continuing to work extended hours, 6 days a week to expedite your returns as quickly as possible. However, if you are having trouble gathering the necessary documents or are simply too stressed with the current events to worry about taxes, you can relax! We now have more time on our side, thanks to the IRS’s action.

Additionally, anyone who owes money to the IRS for 2019 taxes has until July 15th to pay their balance without incurring penalties and interest. There’s no need to request a payment plan either – the extension is automatic.

The extended filing deadline is also automatic – I will not be needing to file extensions manually this year, like I do every year. I’m especially excited about this because it typically takes the two of us 5-6 hours to get extensions filed for any client whom we have not heard from by April 15th or for anyone I cannot get their return prepared in time. I’d much rather spend time preparing returns than filing extensions!

*S-corps and LLCs treated as S-corps for tax purposes: if your business tax return was not ready in time, extensions were filed for you on the March 15th (the regular filing deadline) which gives us an additional 6 months to file.*

ILLINOIS SMALL BUSINESSES! The SBA (Small Business Administration) is offering disaster loan assistance via low interest federal loans to help ease the impact covid19/coronavirus has had on your cashflow. From the SBA website:

Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster.

The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. Your loan amount will be based on your actual economic injury and your company’s financial needs, regardless of whether the business suffered any property damage.

Here is the link to find out more & apply:

As a reminder, our office will remain closed through the end of March and probably beyond – for as long as the health officials and government agencies advise social distancing, and now, sheltering in place. If you haven’t heard, the Governor of Illinois has mandated by executive order that the entire state shelter in place beginning Saturday, March 21st. Of course, businesses deemed ‘essential services’ will remain open so folks can grocery shop and pick up their medicines, but did you know that accounting firms are also considered ‘essential services?’ That means I have nothing preventing us from continuing to come to our office and prepare tax returns (real talk: I’m not sure if this makes me happy or sad – I would certainly love to spend more time with my kids but I do very much enjoy the thrill of tax season!).

My email inbox fills up quite fast (seriously – I step away from the computer for 5 minutes and come back to 30 new emails) and I’m so grateful for everyone’s patience while I work through responding to everyone as quickly as possible. It’s no small feat to juggle staying on top of communicating with clients and actually preparing tax returns, and I’m extremely grateful for your patience and understanding. Trust that I’m doing the best we can to continue providing an excellent level of service during these trying times! You may even hear from my new assistant, Wemi, occasionally if she’s able to answer your questions.

I’m going to try keeping up with our social media accounts as another means of relaying information to clients. If you aren’t already, please follow our Facebook, Instagram and/or Twitter accounts and we’ll follow you back! Links are at the bottom of this letter.

  • Tax filing deadline is extended to July 15, 2020
  • Deadline to pay 2019 balances due is also extended to July 15, 2020
  • No extensions will need to be filed 
  • Loans are available for small businesses affected by the Coronavirus Pandemic 
  • Our office is closed through March 31st and will most likely be extended into April 
  • Illinois is under a ‘shelter in place’ order beginning March 21, 2020
  • The volume of emails we are receiving is higher than usual & we’re working as quickly as we can to respond 
  • Follow us on social media for the latest updates
  • You all are quite literally the best clients we could ask for & we’re so grateful for your patience & loyalty!
I will continue to reach out to you with additional updates as new information comes our way. It’s important for all of us to stay up-to-date, especially since changes are happening quite frequently at this point and we want to keep you as informed as possible.

Stay safe, stay indoors, & keep washing those hands! We’ll all get through this together. 🙂

– Stephanie