The Treasury Department and Internal Revenue Service announced the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. We are continuing to work and complete as many tax returns as we can by the original filing date. For any client that does not file by April 15, 2020, your returns will be automatically extended until July 15. If you are unable to file by July 15, 2020, we can file an extension at that time to delay your filing until October 15, 2020.
Taxpayers can defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. If we have completed your tax return and you owe money, you do not need to make the payment until July 15, 2020. This also applies to the first quarter 2020 estimated tax payments. The deadline to contribute to an IRA or Roth IRA contribution for 2019, has also been extended until July 15, 2020. You will still have until the extended due date of your tax return to make SEP IRA and profit-sharing contributions.
South Carolina has adopted the federal changes. North Carolina has also adopted the federal changes, with the exception of one item that requires a law change. The NCDOR does not have authority to waive interest charges on unpaid balances. We expect updates in the coming days. If you file in a state other than NC or SC, we are monitoring the adoption of the federal changes. Do not hesitate to email or call if you have any concerns.
Our staff members are now working remotely. Although accountants are considered an “essential service” under the Mecklenburg County Stay-at-Home proclamation, our office will only be open on a limited basis. Please remember to make use of our portal for electronic transmission of documents. If you are unable to use the portal, we will do our best to make arrangements to have your tax returns mailed to you or schedule an appointment for pick-up.