**UPDATED 3/20/20: Each day we are learning something new and we continue to receive updates from the Federal and our State government officials. The most recent updates share that The U.S. Treasury has confirmed that 2019 IRA contributions, estimated payments, tax payments, HSA contributions are extended to July 15th. We will continue to share information with you as we learn of it.
President Donald Trump and U.S. Secretary of the Treasury Steve Mnuchin have announced that the April 15th tax deadline has been extended to July 15th.
What does this mean for you??
1) If you owe money on your 2019 tax return, you will have until July 15th to make your payment. Normally, all payments are due by April 15th and an extension can be requested allowing you to file your tax returns by Oct 15th. With this new announcement, all payments are now due by July 15th and an extension may be requested allowing you to file your taxes by Oct 15th.
2) There has been no mention of a delay in refunds being paid by the IRS. Refunds are still averaging 10-14 business days for receipt.
3) No guidance has been given specifically about the April 15th quarterly estimate payment. The request to extend the time to pay with no penalty will more than likely include the April 15th estimate payment. (Quarterly estimates are paid by small business owners and self-employed individuals. They pay estimated taxes on a quarterly basis.)
4) Storen Financial will automatically request an extension for all of our clients on April 15th. The extension is not required until July 15th but out of an “abundance of caution”, we will extend all of our clients.
Beginning March 30th through April 15th, our office hours will be as follows…
Monday 8:30am – 4:30pm
Tuesday through Thursday 8:30am – 6:00pm
Friday 8:30am – 4:30pm
Saturday 9am – 12pm
We encourage everyone to drop off or upload their tax return information. We will now be scheduling appointments through July 15th for our clients to still file on time with the new deadline.
Please give us a call if you have any questions (317-852-7000).
Update by Kim Storen, EA – Managing Tax Accountant, Business Services Manager
Learn more about Kim and the rest of the Storen Financial team here.