Greetings Everyone,

We hope you and yours are staying safe and healthy, and that these days, in which we've all been made to slow down a bit, have offered opportunities to do more of that which brings you some happiness, despite these challenging times. We hope you will reach out to us if there's any information or support we can provide to help you navigate the coming weeks.

In this month's newsletter, you'll find some articles with important information about the CARES Act and such that may prove very useful to you. We also want to make sure you're aware of some important tax deadline changes and other provisions that have recently been made to help Americans through this pandemic. 

First of all, some of you may be wondering about the upcoming Economic Impact Payments that will be distributed to most Americans, and whether or not  you are eligible to receive one. You can find extensive information on that in the article below, and the IRS just launched a new, online portal where you can obtain details about your payment from the economic stimulus package and also provide your banking information for deposit. The IRS portal will allow taxpayers (after authentication) to find the status of your payment. If no payment or check has been issued for you yet, you can input your banking information to ensure it comes as quickly as possible via direct deposit. It's similar to the Where's My Refund portal that taxpayers usually use to track the status of their federal tax refund. 

The due date for the April 15 filing and paying of your Federal and State tax returns has been automatically postponed until July 15, and there is no need to file an extension. All interest and penalties will be disregarded for the postponement period. The postponement does not include FBAR filings. However, FBARs have an automatic extension to October 15, which effectively makes October 15 the FBAR due date. 

Any estimated payments that would have been due April 15 and before July 15 have been postponed to July 15. 

Any 2020 Required Minimum Distributions from your IRA or Pension accounts have been waived for 2020.

The 2019 IRA, HSA and Archer MSA contribution dates have been moved to July 15, 2020. 

If you have questions about this information or anything else, please don't hesitate to contact our office.

We wish you all the very best. Please be in touch if we can be of support.