As the news worsens and the need for social distancing becomes unavoidable,  we have concluded that it would be best for our clients to avoid visiting our office. Regardless, it is our intention to continue to prepare and file tax returns in a timely manner, as always. Thus, if you have not already, please send us your information at your earliest convenience.

 

To accomplish this, we offer each of you access to your individual “SecureFileVault.” You can scan* and upload your tax prep information to us there, we will download and prepare your return, then upload that back to you.

 

If you need directions to access SecureFileVault, email Jessica at  johnblakecpa.com

 

If you have secure email you can also email your tax preparation information to Jessica. And, of course, you can put your tax prep information in the mail to us (or FedEx or UPS).

 

Please call us with any questions or concerns. Our office phones (520-795-3530) will ring through to our cell phones as well. (John is extension 102, Jessica 103 and Linda 104).

 

Be well!

 

*phone photographs are very hard for us to read. If you need to scan from your phone, I use a program called TurboScan on my iphone, and I know there are others that work well.

 

Information on the CARES Act

 

We hope you are all well in these difficult times. Many of you have called and asked questions about these programs, so we have put together this information. We hope it helps. Be well!!!

 

 

For Individuals:

We are told that checks will start to be direct deposited next week. If your 2018 or 2019 federal return had a refund your direct deposit information is on file. If not, you will receive a paper check, unless you go on the (not yet set up) IRS website and provide your banking information.

 

A helpful site:

https://taxfoundation.org/federal-coronavirus-relief-bill-cares-act/

 

 

For Businesses:

There are two programs that might help you. You can apply for each, but you cannot benefit from both (see links for explanations).

 

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

 

Direct information on each program can be found at:

 

Paycheck Protection Program:

You apply through your lender; please contact us for any questions or documents you might need.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

 

Economic Injury Disaster Loan Emergency Advance

You apply directly through the Small Business Administration website. Again, please contact us for any needed documentation or with questions.

 

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

 

 

 

UPDATES regarding tax returns:

 

https://azdor.gov/news-events-notices/news/ador-extends-income-tax-deadline-july-15-2020

The Arizona announcement to extend the deadline for filing and paying state income taxes to July 15, 2020, indicates that late filing or late payment penalties will not be assessed. Additionally, interest has been waived under this announcement.

 

Federal Tax Filing Deadline Extended Amid COVID-19 Outbreak

COVID-19 - Tax Return Filing & Payment Relief

 

Does the deadline postponement apply to return filing and payments?

Yes. Both the filing and payment deadlines have been automatically postponed from April 15, 2020 to July 15, 2020 for individuals, trusts, estates, corporations, or any type of unincorporated business entity. Interest and penalties will begin to accrue after July 15.

 

Do taxpayers need to file any additional forms to qualify for relief?

No, taxpayers do not need to submit any additional forms; the new July 15, 2020 deadline applies to all taxpayers with a Federal income tax return or payment formerly due on April 15, 2020. Individual taxpayers, who need additional time to file beyond July 15, can request a filing extension until October 15 by filing Form 4868 before the July 15 due date. Corporate filers use Form 7004 to request additional time.

 

Has the filing deadline for all state returns been postponed to July 15?

State filing and payment deadlines vary by state. Check with each state to get an accurate due date for filing and payment or visit our State Response to Covid-19 page.

 

I have already filed returns with a scheduled payment date of April 15, 2020. Will this payment be automatically rescheduled for July 15, 2020?

No, the payment will not automatically reschedule. The payment will be made on the date selected unless the payment is rescheduled. Follow the instructions below to reschedule or cancel a payment.

 

IRS Direct Pay – Use the confirmation number from scheduled payment to access the Look Up and Payment feature.

EFTPS -  Access the EFTPS website, then click on Payments and login. Click on Cancel a Tax Payment from the left menu and follow the instructions.

 

Schedule Electronic Funds Withdrawal – Electronic withdrawal payments scheduled when tax returns are filed can be revoked by contacting the U.S. Treasury Financial Agent at 888-353-4537.

Credit/Debit Cards – Cancel scheduled payments by contacting the card processor.

 

Are first quarter 2020 estimated tax payments still due on April 15, 2020?

No, the April 15 estimated tax payment due date is also postponed until July 15, 2020.

 

Have the second quarter 2020 estimated tax payments, due on June 15, 2020, also been postponed?

No, the postponement only applies to the April 15, 2020 payment. The June 15, 2020 estimated payment due date remains the same.

 

Does this relief provide more time to contribute money to an IRA, HSA, or Archer MSA for 2019?

Yes. Contributions may be made for a particular year, at any time during the year or by the due date for filing a return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to IRA, HSA, or Archer MSA for 2019 is also extended to July 15, 2020.

 

I have tried calling the IRS for help, but I have been unable to reach anyone by telephone. What should I do?

Limited live telephone customer service assistance is currently available due to precautions taken to protect IRS employees from the coronavirus. High demand has created very lengthy wait times. The IRS encourages people to use IRS.gov for information.

 

How can I keep up with the IRS response to the Coronavirus and COVID-19 legislation?

For the most up-to-date information, visit the IRS Coronavirus page https://www.irs.gov/coronavirus. As information is released regarding stimulus payments and legislation, it will be posted to this page. More FAQs can be found at https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers.

 

CARE ACT (this information is changing daily, so I am supplying a few links that might be useful):

 

https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act

 

https://www.taxpolicycenter.org/taxvox/cares-act-says-social-security-beneficiaries-will-get-their-rebates-automatically-irs-tells

 

https://www.laboremploymentlawblog.com/2020/03/articles/coronavirus/the-cares-act-a-comprehensive-overview-for-employers/

 

https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

 

https://www.congress.gov/bill/116th-congress/senate-bill/3548/text

 

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-2

 

 

 

JOHN BLAKE CPA PLLC

CONTACT US

4400 East Broadway Boulevard • Suite 600 • Tucson, AZ 85711-3556 • Fax 520.202-2115 • Phone 520.795.3530