The Coronavirus Aid, Relief, and Economic Security Act,
“The CARES Act” provides tax relief to individuals and businesses
After days of furious negotiations, Congress has passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The $2.2 trillion price tag for tax relief and incentives for individuals and businesses makes it the most expensive piece of legislation ever passed. It includes the greatly anticipated provision for recovery rebate credits to individuals. Here are some of the major aspects of The CARES Act.
You may have many questions about how this will affect you and your taxes.
If you have any questions, please give us a call.
We are here to help.
Anderson, Spector and Co PC
COVID-19 Tax Deadline Extension
March 20, 2020
New Tax Deadlines
The Treasury Department earlier today announced that many tax returns and payments coming due next month have been extended. Instead of April 15th, these returns are now due July 15th, 2020. Payments due with any of these returns was extended to July 15th earlier this week. Affected returns and related payments are:
- 2019 U.S. Individual Income Tax Returns (Form 1040)
- 2020 U.S Estimated Payment Voucher Quarter 1 (1040-ES due 4/15/20)
- 2020 U.S. Estimated Payment Voucher 2 (1040-ES due 6/15/20)
- 2019 U.S. Income Tax Return for Estates and Trusts (Form 1041)
- 2020 Trust & Estate Payment Voucher 1 (Form 1041-ES due 4/15/20)
- 2020 Trust & Estate Payment Voucher 2 (Form 1041-ES due 6/15/20)
- 2019 U.S. Corporation Income Tax Return (Form 1120)
New ASC Office Procedures
Starting at 5pm today, March 20, 2020 we will be working remotely. Other than changing how we receive and deliver data, we will remain fully operational. We are asking our clients to send us their data by mail, email or fax unless other arrangements are made. Our front door will be locked except for scheduled drop offs and deliveries. We are asking our clients to use emails for communication with us because voicemails will be harder for us to monitor and retrieve. We will be delivering tax returns and financial statements by secure email, mail and delivery services whenever possible. We will schedule appointments as needed. You can email us at email@example.com or any of our individual email addresses. You can get individual email addresses at www.andersonspector.com. Hopefully we will able to return to normal operations later this spring. Stay safe!
Anderson, Spector & Co., PC
Roy P. Anderson, CPA
David M. Spector, CPA
And all of us here at ASC.