On March 26, 2020 the Tennessee Department of Revenue announced that payments due on April 15, 2020 have been extended to July 15, 2020.
Information on other states have not been released to our office. All updates will be posted here.
(Non) Update for 3/26/2020
We have had numerous calls asking about the proposed stimulus package that is being debated as I type. As much as we would like to be able to answer your questions, we just do not know right now. We are watching the news and wondering what will happen along with you.
As soon as we are given information we will pass it along. It will be posted here and on our Facebook page.
Stay safe everyone!!
Update 3/23/2020
On Friday, March 20, Treasury Secretary Steven Mnuchin tweeted that the 2020 income tax filing deadline would be extended, along with payments. On Saturday morning, the Treasury Department and Internal Revenue Service followed up with an official press release that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
According to the IRS press release:
"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. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.
The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.
Revised Cutoff Dates
With the extension of the Federal filing date we have updated our cutoff dates for information to be received.
· For returns to be filed by April 15 the cutoff is still Friday, March 27.
· For returns to be filed by July 15 the cutoff is Monday June 15.
We must receive all information to prepare returns no later than these dates to ensure your return will be completed and transmitted by April 15 or July 15.
Changes and details are continuing to evolve and we will update as additional information is given to us.
Update for March 21, 2020
The IRS on Wednesday delayed the first installment of quarterly estimated tax payments that businesses and self-employed individuals send to the agency, which will now be due July 15. A stimulus package being negotiated in the Senate would move that deadline back even further to Oct. 15.
The latest updates..........
Under newly revised tax guidelines for 2019 returns, you will have until July 15, 2020 to file and remit payments in full to the Internal Revenue Service without incurring penalty and interest. We anticipate the States will follow suit; however, we have not been given that information. In addition, there is the potential the Internal Revenue Service will be extending the payment due dates for both the April and June 15, 2020 estimated tax payment dates.
This is an ongoing and evolving situation as the Treasury Department is still working to finalize guidelines. As we are provided information, we will pass it along. We will also be sending information to our clients via email. If you would like to provide or update your email address, please send that to either renee@rabcpa.com or stacie@rabcpa.com.
Here are links to more information on deadlines and filing………CNBC; AICPA; USA Today
COVID-19 & Tornadoes
First a reminder that the cutoff to bring or send tax information is quickly approaching: Friday, March 27.
As we are all being bombarded with information about the tornado disaster and now the COVID-19 virus and what should be done to limit the spread, we wanted to take a minute and assure our clients that we are still working with you.
With the destruction of the tornadoes in Tennessee and the COVID-19 virus there have been many rumors of important deadlines being extended. This information seems to change by the minute and can be quite overwhelming. As we are given final dates, we will pass those along.
It has been announced that residents of Davidson, Wilson and Putnam counties will be granted an extension of July 15 to file income tax returns. Our office intends to file client returns by or before the usual date of April 15. Of course, any clients that are directly affected by this disaster will be able to extend their filing and we will work with them to make the process as easy as possible.
As always, information can be emailed or faxed to our office and meetings can be held over the phone. If you plan to stop by our office, be assured that we are taking every precaution to limit the possibility of spreading germs.
If you have any questions or concerns do not hesitate to call the office.
Stay Well Everyone!!
Cutoff dates for 2019 Tax Year
Tax Time is upon us as the new year gets into full swing. We wanted to pass along some information that can be helpful to our clients.
The cutoff dates to deliver, email or fax tax information to our office is :
Partnerships and Corporations- Monday, March 3, 2020
Individuals-Friday, March 27, 2020
These dates are to ensure that our staff has ample time to process and prepare your return before the April 15 deadline. There are numerous stages that each and every return goes through from the time the information is received until your return is absolutely complete. Returns are completed in the order they are received.
Individuals should complete 2019 Tax Information Worksheet and Charitable Contributions page that can be printed from the “Useful Forms” section of our website (or just click on the green phrases). This is to ensure all information is updated and correct. Bring this along with your tax information. If you have questions, do not hesitate to contact the office.
After we have completed your return, we will contact you by phone, email or text (whichever you prefer).
Our office is open Monday through Friday from 8:00 am to 5:00 pm.
**Information can be emailed to our office for your convenience. Please note in the subject line 2019 Tax Information.
**Please bring all information at the same time. Bringing additional information after you have informed us that your return is ready to be completed can result in additional fees (or an extension) if your return must be redone.**
We must receive ALL information to prepare returns by these dates to ensure that your return will be completed and transmitted by April 15, 2020.
We would like to thank all our clients for entrusting us with their financial and tax needs.
As 2020 begins..............
Getting Organized For 2019Tax Return Filing
THERE ARE SEVERAL THINGS ON OUR WEBSITE THAT CAN BE HELPFUL WHEN ORGANIZING YOUR INFORMATION FOR TAX RETURNS. LET US WALK YOU THROUGH THEM.
On the What We Do page, click on the green Individual Federal and State Taxes. This will open a list of items that will be important to filing your taxes correctly and promptly.
On the Useful Forms page, click on 2019 Tax Information Worksheet. You can print this form and fill in your information and bring it along with any other information to our office.
On the Useful Forms page, click on 2019 Tax Organizer. You can print this form and fill in the information or just use it as a guide to help pull important information together.
On our contact page you will find an email address that comes to our Front Desk. You can click on this and email any questions that you might have and it will be directed to the appropriate person.
On the Our Team page, each team member has an email link directly to them. If you have a question for a specific Team Member, simply click on their email address and send them your question.
If you still have questions, simply call our office at 615-444-1149. We will be happy to work with you to answer those questions.
Let the countdown begin..........
Even though the cutoff date to bring information for the 2018 tax year has passed, we are diligently working to complete as many returns as possible before the April 15 date. In past years we have completed many returns before the deadline-even for clients that bring information to us AFTER the cutoff date. To be fair to each client, we prepare each return in the order that information was brought to our office.
Have no fear though, if your return is not complete by April 15, we will file an extension with the Internal Revenue Service.
When we are completely finished with your return, we will contact you by phone or email (whichever you choose). You will then need to sign all necessary forms and an engagement letter before your return(s) is transmitted electronically to the Internal Revenue Service as well as any state returns.
Our office staff will make the entire process as simple as possible, but feel free to ask questions.