UPDATED 3/19/20, 10:30 a.m.

IRS Updates on Tax Payments

**Please note: we are planning a client webinar for early next week to explain how the tax deferrals will work. Event details will be posted on our website.**

The U.S. Treasury Department and Internal Revenue Service (IRS) issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. 

To clarify, the federal tax payment deferrals include 2019 tax payments as well as 2020 first quarter estimated federal tax payments.

This applies to federal taxes, states taxes vary. Colorado officials said they would mirror IRS guidance as it is updated amid the pandemic. See the American Institute of CPAs (AICPA)’s state-by-state guide for more information.

The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. 

The current guidance does not change the April 15 filing deadline, or the requirement to file for an extension if you do not file by April 15. We anticipate this also may change; however, we are working diligently toward these deadlines.

Read the full IRS guidance here.

We are monitoring the Treasury Website and the IRS Website for updates and will continue to post the latest information to our Coronavirus Updates page.

SKR+CO Document Exchange – New Secure In Person Dropbox:

SKR+CO installed a secure dropbox on the 3rd floor of our building. Clients may drop documents off securely, should you prefer to do so in person. Please use an envelope, clips or rubber bands to keep your documents organized.

Access to the 4th floor will only be available to SKR+CO essential personnel, effective immediately.

USPS mail services, secure email and the client portal are also available to exchange and securely share documents with your CPA. As always, please call your CPA with questions — our receptionist is happy to connect you as we work remotely.

SKR+CO Client Information:

In an abundance of caution, please avoid unnecessary trips to the SKR+CO office. Instead, we highly encourage:

Sharing documents digitally via the SKR+CO client portal and/or secure email, both located on our client center page.

If possible, please share and/or sign documents electronically via our portal or secure email.

SKR+CO Operations:

Business Recovery Information:

Webinar: We are preparing a webinar for clients regarding business recovery.

Social Media: We will share information placed on our update page through our social media platforms, should you prefer accessing information via those channels.

Business Recovery: Please review the Business Recovery Guide

Additional information from the IRS regarding coronavirus can be found here: https://www.irs.gov/coronavirus

We will list closure status or other updates on our website and our social media channels.

“After the natural disasters in the fall of 2013, the Colorado SBDC disaster relief team worked with federal, state and local resources to produce a comprehensive guide to assist Colorado businesses in preparing for, responding to, and recovering from natural disasters and emergencies.” Click here for the guide . More information can be found on the SBDC Website

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