Alert

April 15 Tax Payment Deadline Extended

March 18, 2020

The Trump administration announced yesterday a 90-day extension to July 15 for tax payments of individual and corporate taxpayers that would otherwise be due April 15. For now, it appears the requirement to file tax returns by April 15 remains unchanged.

There is some uncertainty as to how this rule will apply to estimated tax payments, generally due at April 15 and June 15.  There is also uncertainty as to whether the extension applies only to individuals with tax liabilities of $1 million or less, and corporations with tax liabilities of $10 million or less, or if the extension applies to the first $1 million and $10 million of taxes owed, respectively.

We expect additional guidance from the Internal Revenue Service that may clarify this initial announcement and will provide details as they become available.

The best information at this time indicates that to obtain the tax payment extension, individual and corporate taxpayers must file their tax returns or request extensions by April 15.  And, of course, if you are anticipating a refund, early filing is always to your advantage.

Regardless of this tax relief, we at Cherry Bekaert remain committed to providing you a superior client experience.  We continue to work hard and creatively to meet your tax return needs and encourage you to submit your tax information to us as early as you can.

Should you have any questions, please do not hesitate to contact your tax professional team members.

Accessing online client portal for tax clients

Our preferred method to receive documents is through our secure Client Portal here. If you have trouble accessing the Client Portal, please contact us at gfrsupport@cbh.com and note “Client Assistance Needed” in the subject line of your message.

If you have paper documents that you cannot deliver electronically, we plan to have at least one person in each of our offices to receive mail and packages, as well as to facilitate work between our people and our clients.