Dear clients and friends,
As this period of history in which we find ourselves unfolds with unprecedented speed, it is essential to stay focused on core objectives and clear directives. With that in mind, we are working hard to identify, absorb and review all information received so that we can advise you clearly. With that in mind, here are some new developments of note. Please note that these updates are accurate as of March 24, 2020 and are subject to change or revision as policy updates are announced.
IRS Filing Deadline Extended to July 15th
As of this weekend, the IRS finally confirmed the decision to shift the federal income tax filing deadline for 90 days, with the new date being July 15, 2020. Both filings and payments are now extended for this period. Our recommendation, however, is that you continue to work with us toward the April 15th filing date, and here is why:
If You Are Owed Money: If the IRS owes you a refund, it is essential that you access those funds as soon as possible. The sooner you file your return, the sooner you will receive what is owed to you.
If You Owe Money: If you owe the IRS money, you need to know that information now. Even if you ultimately elect to delay the filing and/or payment dates associated with your tax liability, preparing your return as if April 15th remains the deadline will give you maximum time to work with us on a strategy for managing your tax liabilities.
Additional Notes on the Extended IRS Deadline
It is also important to note that the IRS has confirmed that these deadline extensions do indeed apply to Q1 2020 estimated tax payments, and to 2019 IRA contributions (which are normally authorized to be applied to the prior tax year up until the filing deadline in the new tax year). These both represent significant benefits that are worth exploring and utilizing.
Disaster Relief Loans and Grants for Small Businesses
As the impact of COVID-19 is beginning to be felt acutely in certain sectors of the economy, a number of loan and grant programs have arisen to assist impacted businesses. Many of these are targeted at small businesses, and we encourage you to be aware of them at the state, federal and local levels. Some of these programs include:
U.S. Small Business Administration COVID-19 Disaster Loan Program
Maryland Small Business COVID-19 Emergency Relief Grant Fund
Maryland Small Business COVID-19 Emergency Relief Loan Fund
In addition, Montgomery County, Maryland is in the final stages of developing a small business emergency relief fund for those impacted by COVID-19.
Note: If you are aware of other programs that we would do well to feature, please let us know.
Status and Continuity of BradyRenner Operations
As of this communication, our operations remain unaffected although some of our staff are working from home and we are following social distancing and enhanced cleaning protocols. Our office hours have returned to standard business hours of 9:00 AM to 5:00 PM.
However, if circumstances or government edicts warrant closure of our offices, this will not adversely impact our operations as we have plans and infrastructure in place.
As always, if you have any questions, please feel free to reach out to me at any time.
Thank you for your trust in us during this unprecedented time.
Matt Brady, CPA