Tax Filing Deadline Change Information from PHB
As many of you have now heard, the IRS has extended the 2020 tax filing deadline by one month to May 17. This extension is an extension of both time to file returns and pay any balance due without additional penalty or interest. At this time, many states, including Tennessee, have not extended their due dates nor is there an extension on any 1st quarter 2021 estimated tax payments that might be due.
In light of the short notice of this change, we plan to continue to work to file all returns we can by the original April 15 deadline. We will honor our original cutoff date of March 24 to receive information and guarantee that we’ll complete the return before April 15. With the extension of time, we will also set a new cutoff date of April 23 to guarantee completion before the new May 17 due date. If needed, we can also file a regular extension prior to the new May 17 due date which will extend your return due date to October 15.
Finally, many of our staff members have scheduled time off post April 15 in anticipation of a normal filing season. We will honor these time off requests and while our office will not be closed, we will have various staff members out of the office during April and May. Please know that we will continue to work toward completing all returns in timely, accurate and efficient manner.
We will continue to monitor this situation and communicate any updates as they become available. We appreciate and thank all of you for being great clients.