Updated State of Affairs, Tax and Compliance Changes

March 28, 2020 Slattery & Holman, P.C.
All information is based on our current understanding as of the date that it is posted. Please keep in mind this information is changing rapidly – it can and likely will change. Some information becomes outdated the same date it posted. Although we will monitor and update this page as new information becomes available, please do not rely solely on this page. We encourage you to contact your Slattery & Holman advisor for the latest information.

To Our Clients,

It is our hope that you are healthy and safe as the Coronavirus continues to impact our lives in extraordinary ways.  We remain alert to news about the rapidly evolving state of affairs and any tax and compliance changes that affect you, your families and your businesses.  We are here to provide answers and advice to assist you in navigating this situation as it unfolds.

Key changes to tax filing and payment deadlines:

  • Both the federal and Indiana governments have extended filing and payment deadlines from April 15 to July 15.
  • All individual and business taxpayers have the additional 90 days to file income tax returns and make tax payments without interest or penalties.
  • First quarter federal and Indiana estimated tax payment deadlines for both individuals and corporations have also been extended to July 15.
  • Additionally, contributions to traditional, SEP and Roth IRAs, as well as HSAs, are also now due July 15.
  • Answers to frequently asked questions regarding this relief can be found here: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers.
  • Other states are responding with similar filing and payment deadline changes and these vary by state. We will keep you apprised of those updates as they apply to your specific situation.

 Regardless of a change in deadline, our firm will continue to operate with the goal of completing tax filings without relying on extensions in an effort to provide you with information you may need for cash flow planning and financing.

Legislation / CARES Act 

  • A $2.2 trillion Coronavirus relief package. This is the largest rescue package in American history.
  • Key provisions include individual stimulus checks, unemployment insurance, employee retention credit and job loss prevention loans, emergency lending for industries, emergency aid to state, local and tribal governments and the American medical system, and several business and individual tax provisions.

We will continue to communicate the particulars of the CARES Act and what it may mean for you.  With the recent passing, the implementation details and specifics are still being interpreted.

Our website will address other issues and changes related to the COVID-19 pandemic.  Please visit our website over the coming days at www.slatterycpa.com and click the Coronavirus link where we will post helpful articles and links to keep you informed.

We have essentially transitioned to a remote work environment in order to do our part to reduce the risk of exposure.  We respectfully ask you take advantage of our electronic capabilities such as secure portal and email for document transfer, and SafeSend, our new delivery service for reviewing and signing tax returns.  Should you need to coordinate physical delivery of documentation that cannot be provided electronically, please contact us to make other arrangements since office visits are no longer practical at this time.  We are still readily available to you via phone and email as well as other electronic platforms.

Continue to reach out to us with any questions or concerns as we get through this together.

Warm regards and stay safe,

Slattery & Holman, P.C.