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Here at Kelley & Chulick we are keeping ourselves busy staying updated on the daily changes regarding taxes and financial relief efforts. Here is what we know as of today, March 25th.
We'll try to keep you updated regarding additional developments as they take place.
Filing and payment deadlines deferred. After briefly offering more limited relief, the IRS almost immediately pivoted to a policy that provides the following to all taxpayers-meaning all individuals, trusts, estates, partnerships, associations, companies or corporations regardless of whether or how much they are affected by COVID-19:
1. For a taxpayer with a Federal income tax return or a Federal income tax payment due on April 15, 2020, the due date for filing and paying is automatically postponed to July 15, 2020, regardless of the size of the payment owed.
2. The taxpayer doesn't have to file Form 4868 (automatic extensions for individuals) or Form 7004 (certain other automatic extensions) to get the extension.
3. The relief is for (A) Federal income tax payments (including tax payments on self-employment income) and Federal income tax returns due on April 15, 2020 for the person's 2019 tax year, and (B) Federal estimated income tax payments (including tax payments on self-employment income) due on April 15, 2020 for the person's 2020 tax year.
4. No extension is provided for the payment or deposit of any other type of Federal tax (e.g. estate or gift taxes) or the filing of any Federal information return.
5. As a result of the return filing and tax payment postponement from April 15, 2020, to July 15, 2020, that period is disregarded in the calculation of any interest, penalty, or addition to tax for failure to file the postponed income tax returns or pay the postponed income taxes. Interest, penalties and additions to tax will begin to accrue again on July 16, 2020.
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Woodland Park. Even in this time of crisis it is
Bullying is the leading cause of teenage suicide in our state. Teller County is not immune to this problem; unfortunately, human trafficking is also a problem. The Colorado Phoenix Project assists the vulnerable through physical and mental strength programs. However, help is needed now. You can help prevent bullying by supporting the mentoring of vulnerable children in our community. Click
The Ute Pass Historical Society Gift Shop will be closed through April 30, in accordance with the current state "stay at home" order. We will hopefully be back to business as usual at that time.
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