As of late last week, Treasury Secretary Mnuchin and the IRS announced that the April 15th tax filing deadline has now been automatically extended until July 15th, along with the tax payment deadline. The Colorado Department of Revenue has stated that they will also follow these new guidelines.
With this announcement, the tax return filing deadline and the payment due dates of July 15th are the same for 2019 tax returns. 2020 estimated tax payment due dates remain delayed to this date as well. Things seem to be changing by the minute, but this is the most current information we have at this time.
Please see the points below to identify which situation currently applies to you:
If we have completed your tax returns, there is nothing more you need to do. However, if you have an outstanding DocuSign, it will need to be completed by July 15th. Once completed, we will file your return right away. If there are payments to be made, those will not need to be made until July 15th.
If we currently have all of your tax information and are in the process of preparing your return, we still plan to complete your return as soon as possible. All tax returns will be delivered electronically through our portal. You will receive a link and a DocuSign signature to electronically sign your tax return once completed. If you wish to receive a paper copy of your return, please let us know and we will make arrangements for you to receive a paper copy through mail or FedEx after April 15th.
For our clients planning on extending, a separate extension filing before April 15th won’t be necessary. Your tax return will be due on July 15th and an additional extension can be filed prior to July 15th to extend your tax return to October 15th. If we don’t yet have your tax documents, we will be in touch after the original April 15th deadline to start the process. We understand if you are not able to provide your tax documents at this time.
If we don’t have the entirety of your tax documents and are missing information, such as K-1’s or 1099’s, we will plan to complete your return as soon as we receive your remaining documents. If your missing information is not received prior to June 30th, we will need to file an extension to October 15th and a payment of the tax due will be required on July 15th.
Thank you for your patience as we transition to remote operations.
Again, stay safe and healthy. If you have any questions or if there is anything we can do for you, please reach out to us.