As the nation responds to the risk associated with COVID-19 our daily routine continues to change, as does our collective financial and economic circumstances. We are closely monitoring legislation at the federal, state, and local levels for those individuals and businesses impacted by this virus. We would like to let you know that as of March 19, 2020, our office remains fully staffed. Our staff is safe healthy and our goal is to continue to provide you with tax guidance during this difficult time, as well as help you file your returns in a timely manner.
As of March 19, 2020, our landlord of the building has closed its doors to walk-ins, we believe it is in the best interest to follow suit and do the same. In response, we are asking that you make every attempt to electronically provide tax documents when possible. If you need an invite to the portal or assistance, please contact our office via email or phone and we will walk you through the process. If you do not have access to scan your tax documents we have two options available. We have a courier ready to come by your location, pick up your tax documents and securely bring them to our office. Option 2, you can come by the office, contact the front desk and someone will come out and collect the documents from you. As we have seen over the past week that the circumstances change daily and we will communicate if additional changes to this policy are needed.
We anticipate that through April 15, 2020, CDC guidelines will not allow us to have a face to face meetings either when tax documents are dropped off or when the tax return is completed. Regarding completed returns, if there is something specific you would like to discuss we can arrange a phone call to answer your questions or an online conference. Completed returns will be mailed via postal mail and loaded into the client portal following the end of the tax season. Anyone wishing to have a meeting following the relief from the CDC of the social distancing guidelines will be able to meet with Brad or Jeremy at our earliest convenience.
At this time the IRS has extended payment terms to anyone owing taxes. They have waived penalty and interest for tax owed on April 15, 2020. The new tax payment deadline is July 15, 2020. At this time we are not certain if the State or Local agencies will follow. Our office will continue to process returns received by April 1, 2020. Those received after April 1, 2020, will be put on extension and completed in the order received and finished by the due date if possible.
The AICPA is asking the Treasury Secretary to consider extending the actual filing deadline to July 15, 2020, but at this time tax returns remain due April 15. Extensions are available for taxpayers, with an extended due date of October 15, 2020.
On March 18, 2020, the President signed into law the first virus stimulus package. The package was focused on sick leave, getting food to those of out of school, and a handful of other very important legislative items. The Senate has committed to working without recess on a second stimulus package focused on relief for businesses impacted by this virus. Today March 19, 2020, our staff is reading through the bill to understand what impact it will have on our clients. We ask that you visit our website at https://saintlouistaxprep.com/st-louis-cpa-firm-kr-certified-public-accountants/ or follow us on Facebook for frequent updates.
If you are a business owner who needs guidance on SBA loans, unemployment updates for staff, or other information please call the office so that we can speak with you.
As always our office is available via phone or email to answer any question you may have.
We understand that this is a challenging time for many of you both with family and business. As small business owners ourselves, in addition to being parents and spouses, we understand and we are in this together with you. Do not hesitate to reach out to us at anytime.
Stay healthy and positive.
Jeremy Klaven, CPA
Brad Rotermund, CPA
#1 First Missouri Center, Suite 214
St. Louis, MO 63141
cell: (314) 583-6515
fax: (314) 754-9967