To keep you up to date on all tax matters, we are sending out further information to help you manage your affairs in this extraordinary time. Please know that as things continue to develop, we will continue to keep you informed.
As of yesterday, the IRS has made available a 90-day extension to pay 2019 personal and corporate income tax liabilities up to $1 million for individuals and $10 million for corporations. The extended due date for payments is now 07/15/2020. They have also waived all penalties and interest for this time period on the filing of your 2019 return. In order to receive the extension of time to pay, you MUST file your return OR an extension by April 15th, 2020. If you have questions about an extension, give us a call and we can help you decide what the best course of action is. We can file all extensions remotely with information that you can provide over the phone.
As of this morning, the Oregon Department of Revenue is addressing several measures regarding taxes. They will likely follow the IRS lead and adopt the 90-day extension of time to pay.
Neither taxing authorities have yet addressed 1st quarter estimates for individuals due on April 15, 2020 or 1st quarter payroll report liabilities due on April 30, 2020. We expect to have updates regarding possible extensions to these filing dates soon.
In order to follow CDC guidelines regarding the limiting of social contact, our office hours will now be from 8am-12pm Monday-Friday. After 12pm, all calls will be forwarded to cell phones as we work from home to move your tax preparation to completion. We will continue to evaluate, respond, and communicate changes to business operations as required by advice coming from government agencies.
We would encourage you to consider that in our digital world today we now have several ways to safely send, receive and conduct business virtually. It really is possible to conduct your whole tax process electronically. Call us and we can set you up with a safe direct link to upload any documents we might need. This link can also be used to deliver your return to you to complete the filing process. Documents can also be sent via fax to 541-756-1784. Lastly, you can also get us your tax related documents by using our locked drop box located on the building by the door next to the front parking lot.
With all the changes continuing to unfold, we want you to know that we are here to help you.
We appreciate you and value your business in times like this.
Your Merit Team,
Rod, Tiffany, Angie, Teresa, Rebekah and Jessica