PPP Loan Forgiveness & Updated Tax Deadline Support for you!

I hope this note finds you well given the recent tumultuous times. I know we’re all experiencing varying levels of uncertainty between the pandemic, the related economic fallout, and the sobering societal unrest. Please reach out if I can be of assistance with questions related to the CARES economic relief package. 

We’ve heard that many of you have received PPP Loans which are offering such great relief during these challenging times!  Please let us know if you would like assistance with navigating the rules or for submitting the loan forgiveness application.  

I’m also writing to you today with an update of upcoming tax deadlines. There have been many changes and I want to send you a short reminder with some helpful links. 

Updated 2020 Tax Deadlines:

Many state franchise tax and federal tax return deadlines have changed so we wanted to give you a list for your reference.

Internal Revenue Service

According to the IRS website many federal tax filing and payment deadlines from April 1, 2020, to July 14, 2020, have been pushed to July 15, 2020.

 

Individuals

File Form 1040, or for an automatic extension, file Form 4868 and deposit estimated tax.

Estimated Tax Payments
Form 1040-ES, Estimated Tax for Individuals

Payment Periods and Due Dates:
Payment Period: January 1- March 31
Due Date: Normally April 15, See Filing and Payment Deadline Extended to July 15, 2020 – Updated Statement for tax relief on account of Coronavirus Disease 2019.

Payment Period: April 1- May 31
Due Date: June 15 – Extended to July 15, 2020

Payment Period: June 1- August 31
Due Date: September 15

Payment Period: September 1 – December 31
Due Date: January 15* of the following year. *See January payment in Chapter 2 of Publication 505, Tax Withholding and Estimated Tax

Payment Period: Fiscal Year Taxpayers
Due Date: If your tax year doesn’t begin on January 1, see the special rules for fiscal year taxpayers in Chapter 2 of Publication 505.

Partnerships, Corporations, and S-Corporation details

If a fiscal year partnership or S-corporation has a return due to be filed on or after April 1, 2020, and before July 15, 2020, that filing requirement has been postponed to July 15, 2020. Any return filings that were due on March 16, 2020, were not postponed. 

Form 1065, U.S. Return of Partnership Income

Form 1120, U.S. Corporation Income Tax Return

Form 1120-S, U.S. Income Tax Return for an S Corporation

Texas Franchise Tax

The Texas Comptroller of Public Accounts is automatically extending the due date to file and pay the 2020 Texas franchise tax reports to July 15, 2020. There are distinctions between Non-EFT and EFT Franchise Taxpayers. You can see more information on the Texas Comptroller tax page.

Stay well and know that DMR Accounting & Consulting is here to help!