Broker Check

COVID-19 Tax Update #1

March 14, 2020

A lot can happen in a week as we have seen recently. Virus outbreak concerns, school/government closures, stock market volatility, media madness, and grocery store chaos are new challenges we are facing this year. With so much going on, we wanted to reach out to you and include you in on a few of the things we understand regarding this time of year and how we can offer you some assistance.

Congress and the White House Administration have been working to address several issues arising from the coronavirus outbreak. They are in the midst of passing several pieces of legislation to help individuals and businesses during what has and will be an uncertain time. Current legislation passed out of the House on Friday night addresses unemployment benefits, paid time off, Medicare and food/medical supply availability. There is additional legislation likely to come that will address further the needs of employees and employers to keep our economy moving. There has been talk of passing tax-related measures to address filing timelines for individuals and businesses that may involve tax relief although at this time it has not found its way into any current bill. With any new legislation that is passed, we intend to bring you timely updates about how they may assist and affect you as you prepare to file and conduct your business affairs.

Please be assured that your Merit team will continue to plan and prepare your filing needs. We have full measures in place to help you get timely filed. Appointments and drop-offs are available. We have a secure lockbox by our door if you are avoiding public spaces. We can even receive your documents over a secure internet portal if you would like. Call us and we can walk you through the easy steps.

The April 15th tax filing deadline has not been moved by the IRS. If you would like us to, we can file an extension to file your return and give you additional time to pull your necessary information together. Please keep in mind that this is not an extension of time to pay, just to file and that by filing an extension it DOES NOT raise red flags with the IRS for audit. Our hours will remain the same Monday – Friday 8-4 pm and Saturdays by appointment. 541-756-2252.

We are living in a different time and having different conversations than we ever could have dreamed of but know that we are looking for ways to make your life a little less stressful.

Let us know how we can help you.

Your Merit Team,

Rod, Tiffany, Angie, Teresa, Rebekah and Jessica