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2019 Tax Filing Update

March 23, 2020

Dear Clients and Friends of Timoney Knox:

The last two weeks have seen extraordinary changes in the world, and particularly in this country.

Timoney Knox remains committed to servicing and addressing your legal needs and especially the time sensitive tax preparation for our tax clients.

We are monitoring the constant changes from the state and federal governments as they relate to the legal profession, and especially the tax filing deadlines.

Coronavirus Disease 2019 Pandemic (Notice 2020-17). 

Among other things, the Notice defers filings and payment deadlines to the IRS. Specifically, the Notice provides:

* Individual taxpayers, regardless of filing status, with a tax liability of $1,000,000 or less may defer payment of that amount until July 15, 2020, without interest or penalty. The liability threshold is the same for a single individual and married individuals filing a joint return.

* Corporate taxpayers with a tax liability of $10,000,000 or less may defer payment of that amount until July 15, 2020, without interest or penalty. The determination is made at the group level for larger corporate taxpayers.

* Estimated income tax payments due April 15, 2020 are deferred until July 15, 2020, without interest or penalty.

What Is Going To Happen Now

For those clients that have gotten us their tax materials, we prepared many of those returns and most were sent out before we began working remotely. If you have an authorization form for your federal and state returns, please feel free to get those forms back to us as soon as possible. We will do our best to get your return filed electronically with the IRS, either now via our remote operations, or immediately after we are permitted to return to the office.

For those clients that provided us their tax materials during this last two weeks, we have not prepared your return yet. However, we are working remotely to continue to prepare all returns as we receive the tax data from clients. In that light, over the weekend, the IRS and the President formally announced an extension of the tax filing date from April 15, 2020 to July 15, 2020.

For those clients that have not yet provided us with their 2019 tax materials, you may want to consider whether the Governor’s declarations prohibit you from delivering us your tax materials in person, especially because our office is not currently open to receive in-person deliveries. For the moment, the Post Office is still open so you can still mail us your tax materials, if you feel comfortable doing so. We are still receiving our mail on a daily basis. For those that have scanning capabilities (including encryption), you can send us your tax materials by email (do not send your tax materials via email unless encrypted). If we receive your encrypted email, our staff can begin preparing your return so that we are ready to finalize the return when things turnaround. If you use email, please provide us with the encryption code by separate email.

We are available to you throughout this ongoing scenario. Please do not hesitate to call our firm and leave a message for our attorneys/staff and/or send us an email. We receive all voicemail messages in our email and check our messages regularly.

Thank you.

Timoney Knox Tax Department

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