UPDATE - March 17, 2021 - 6:48PM
The IRS has announced that the 2020 filing season will be extended for one month, moving the filing deadline from 4/15/2021 to 5/15/2021. Additionally, taxpayers that received unemployment may not need to pay income tax on the first $10,200 of unemployment benefits received. The IRS advises waiting to file while these changes are implemented for those that haven't filed yet, and for those that have filed, they do not advise filing amended tax returns.
UPDATE - March 13, 2021 - 12:00PM
An additional stimulus package has been signed into law, generally offering taxpayers with income below $75,000 a $1,400 payment, and an additional $1,400 per dependent. Stimulus payments are expected to begin being deposited on March 17, 2021.
UPDATE - March 26, 2020 - 4:05PM
On 3/25/2020 a stimulus deal was approved by the Senate which will pay out $1,200 to individuals, $2,400 to couples and an additional $500 per child. These stimulus payments will start to phase out for individuals with adjusted gross incomes of more than $75,000 and will completely phase out at $99,000 ($150,000 and $198,000 for married filing jointly taxpayers). Income qualifications will be based on your 2019 tax returns, if filed, or your 2018 tax returns if the 2019 tax return has not yet been filed.
UPDATE - March 20, 2020 - 12:59PM
New York State Governor Andrew Cuomo indicated during his press conference today that New York State does not determine their own filing deadlines, but operates off of the IRS schedule. As such, it appears that the filing deadline for New York State has also been extended to July 15, 2020.
UPDATE - March 20, 2020 - 10:42AM
IRS Treasury Secretary Mnuchin announced today that the IRS will automatically extend the filing deadline to July 15, 2020.
There has been no update from New York State regarding extensions and at this time, returns for New York are still due on April 15, 2020.
UPDATE - March 18, 2020 - 7:12PM
Due to the current COVID-19 outbreak and the recommendation of Monroe County Executive Adam Bello to close non-essential business locations, Conlon & Company staff will immediately begin working remotely to help slow the spread of this illness. We have created a secure environment that will allow us to continue servicing you to the best of our abilities in these uncertain times.
UPDATE - March 17, 2020 - 2:40PM
Steven Mnuchin, Treasury Secretary and President Trump have announced that the IRS is allowing the deferral of payments. The IRS is encouraging you to file your tax returns by April 15th if you are able to, especially if you are anticipating a refund.
However, if you are anticipating a balance due to the IRS, you can defer up to $1 million as an individual or $10 million as a corporation, interest and penalty free for 90 days. Your tax return must still be filed or extended by April 15th, but payments, penalties and interest will be deferred for 90 days.
It is unclear at this time if the IRS will extend the filing deadline.
Our business culture is to consider our fellow employees and our clients as family members. Due to the current COVID-19 outbreak and the recommendation of Monroe County Executive Adam Bello to close non-essential business locations, Conlon & Company staff will immediately begin working remotely to help slow the spread of this illness. We have created a secure environment that will allow us to continue servicing you to the best of our abilities in these uncertain times.
During this period, we will not be having any in-person meetings or accepting unscheduled tax document drop-offs at our physical office. Any currently scheduled appointments are postponed indefinitely. We will also periodically maintain limited office staffing to facilitate the receipt and sending of mail and the completion of our work processes.
We have historically received more than 65% of our client’s data by mail, UPS, FedEx, Citrix ShareFile, e-mail or via fax, as opposed to in-person meetings or drop-offs. Having these systems already in place and fully functional affords this transition to a remote environment to be as seamless as possible. These methods have proven to be secure and reliable and we are encouraging you to use them to provide your tax information to our office.
If you have not provided documentation through these means in the past or if you need assistance in doing so, please reach out to your regular contact at our office or email Dave Meleca (email@example.com) or Jennifer Conlon (firstname.lastname@example.org) directly. We can assist you in creating a personal Conlon & Company ShareFile account to send and receive documents securely with our office or help guide you in securing and/or encrypting your e-mail messages.
For taxpayers that have not compiled all of their documentation or know that they will need an extension filed, please reach out to your account manager to coordinate your filings. At the current time, no extensions of the filing season have been granted, however the IRS did recently announce that individual taxpayers can defer payments on their 2019 tax liabilities of up to $1,000,000, penalty and interest free, for 90 days. This deferment does still require you to file or extend your tax return by April 15, 2020.
Thank you again for choosing Conlon & Company.
Kevin G. Conlon, CPA/PFS