Details about IRS Deadline Delay

We hope that you and your families are safe and healthy during this challenging time for our nation and our world. The federal government has enacted a series of measures designed to assist taxpayers impacted financially by the coronavirus pandemic.

• There is now a 90‐day delay in the deadline to pay and file your 2019 individual income taxes so that you may choose to delay filing and/or defer payment of your taxes which were due on April 15, 2020 until July 15, 2020.

• There is also a delay in the time to pay your 2020 1st quarter and 2nd quarter estimated payments to July 15, 2020.

• The same delays apply to Colorado individual income taxes.

• The IRS has created a FAQ for these deadline changes.

There are also tax credits available to businesses who have employees. Please contact your payroll provider for assistance with these credits. The CARES Act provides for recovery rebates in the form of advance refunds on a tax credit to your 2020 taxes. Income limits apply. There are several other provisions of this Act which may or may not apply to you including allowing for early withdrawals from retirement plans and charitable deductions. We will continue to monitor the latest updates, and let you know of any further changes. As always, please contact us directly if you have questions about your specific tax situation.