All of us are aware of the widespread media coverage concerning COVID-19 of late. Unfortunately, there is a lot of uncertainty surrounding the virus and even though the virus isn’t widespread in Wyoming, it is starting to have an effect here with the closing of schools and other facilities and the cancellation or postponement of events.
As far as how it affects your taxes and reporting requirements, unfortunately, I don’t have definitive information at this time. Although President Trump directed the Treasury Department and IRS to extend filing deadlines, there is currently no official word from the IRS or Congress on what that may entail. I suspect filing and possibly payment deadlines may be extended past April 15th. This may affect both the 2019 and 2020 tax years. Just keep in mind that if tax payments deadlines are extended, eventually those taxes must still be paid.
In addition, Congress has not officially passed any new legislation giving tax breaks due to COVID-19. I am aware of talks to provide tax breaks and a bill that was passed by one house of congress, but nothing has officially been enacted. As soon as information arises concerning filing or payment deadline or tax law changes, we will implement those that affect you and we will do our best to notify you of those changes.
CPA Consulting Group is committed to working diligently to complete your tax returns on a timely basis. In the midst of the upheaval this virus continues to cause, we will do our best to provide the quality service you have come to expect from us. If you have any questions as to how this may affect you personally, please reach out to us. We will answer any questions we can