Dear friends,

Together we are facing an unprecedented situation.  The global coronavirus pandemic is affecting our families, our businesses, our communities, and our way of life.  During this time, we wanted to update you on how we’re approaching the situation at Teuscher Walpole. 

The health and safety of our staff and the community is our top priority.  Currently, all employees and partners are working remotely from home with the exception of our administrative staff.  We are utilizing electronic means to have client meetings rather than meeting in person.  If you are needing to submit information to us, we ask that you do so through electronic means if possible.  Our administrative staff can assist in utilizing our client portal system as well as sending documents through ShareFile.  If using electronic methods to deliver information isn’t possible, please mail information to us or drop it off at our front desk during our normal business hours.

In an effort to reach out and keep you informed of a few important issues that have arisen during our country’s struggle with the ongoing Coronavirus (Covid-19) pandemic, we thought it would be helpful to make you aware of the following items:

The Treasury Department and Internal Revenue Service announced the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. The extension includes estimated income tax payments for the 2020 tax year that are due on April 15^th, 2020.  The extension is not available for the payment or deposit of any other type of Federal tax, such as payroll or excise tax.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, we are standing ready as always to assist with filing of the necessary forms 4868 and 7004 to get you or your entity an extension of time to file.

The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.

The Utah State Tax Commission intends to follow the federal government’s tax filing and payment actions in response to the COVID-19 outbreak.

Additional relief may be available to small businesses under the Families First Coronavirus Response Act.  Please see the additional letter attached to this e-mail for further information.

As always, please feel free to call 801-619-1400 and/or e-mail our accountants with any questions you may have.

Links for more information

• irs.gov
• tax.utah.gov
• aicpa.org
• uacpa.org