Blog

Below are a series of updates on the Covid-19/Coronavirus response and how they may affect your 2019 income taxes...

• On March 20, 2020, the IRS automatically postponed the due date for filing 2019 tax returns April 15, 2020 to July 15, 2020.

• • The same postponement applies to Federal tax payments. No penalties or interest will apply to Federal tax payments as long as they are made by July 15, 2020.
  • Estimated tax payments for the first quarter of 2020 are also now not due until July 15, 2020.
  • Taxpayers do not have to file a Federal extension in order to take advantage of the July 15^th postponed due date.
  • The July 15^th postponed due date applies to individuals, trusts, estates, corporations, partnerships, and associations.

•  The IRS is continuing to process tax returns and issue refunds to the extent they are able. 

• On March 23, 2020, Oregon Governor Kate Brown issued Executive Order 20-12 directing individuals to stay in their homes to the maximum extent possible. In response to this order, Davis & Graves CPA, LLP has closed our office until further notice.
  • Our staff will continue to work from home and from non-public workspaces where effective social distancing can be maintained.
  • If you have already provided us with your 2019 tax documents, we will continue to work on your return. We ask for your patience in this changing environment.
  • If you have not yet provided us with 2019 tax documents, please use this time to gather the necessary information and mail it to office or upload electronic documents. Our website provides options for the secure transfer of electronic files (https://www.davisgraves.com/client-login)
  • When your tax return is ready, we will contact you to make arrangements to either mail or electronically deliver it to you along with your source documents. If you prefer an in-person delivery of your tax return, that will need to be postponed until a time after the Oregon stay-at-home order is lifted and we determine that in-person meetings are once again prudent.

• Davis & Graves CPA, LLP payroll services will continue uninterrupted.

• On March 20, 2020 the IRS announced the closure of all Taxpayer Assistance Centers and discontinued face-to-face service throughout the country until further notice.
  • If contact with the IRS is required in order to obtain answers to taxpayer questions or address ongoing IRS actions, your CPA will have to wait until centers reopen or make the contact/inquiries by mail. In either case, communication with IRS will take longer than normally expected.

• Several Federal relief programs have either been implemented or are being debated by the US Congress.
  • The Families First Coronavirus Response Act was enacted March 18, 2020 requiring certain employers to provide workers with paid medical/family leave when the workers must be away because they or a family member are affected by Covid-19/Coronavirus or they need to stay home caring for minor children whose schools are closed.
  • The Small Business Administration (SBA) has loan options available to businesses impacted by Covid-19/Coronavirus.
  • Watch the Davis & Graves CPA, LLP e-newsletter for updates on these and other relief programs.

If you have any questions, please email firm@davisgraves.com and we will respond as soon as possible. Stay well!

 

This is the home of our new blog. Check back often for updates!