Well, it has been an interesting year so far – am I right? It was (or is, since the initial filing season is not yet over) the strangest tax season we have ever experienced. It was rather normal up until mid-March when everything changed. Honestly, we had enough work to do at that point that we stayed busy through the ordinary initial filing date of April 15th. However, we have many clients who had not yet provided their information at that point who decided to wait to provide that information once they heard about the automatically extended initial deadline of July 15th. Many were concerned about moving forward with the COVID-19 restrictions that were in place and that is understandable. We are urging our clients who have not yet provided their documents and information to do so immediately as the automatically extended deadline of July 15th is only just over 7 weeks away now.
In addition to continuing to work on 2019 business and individual tax returns, we have been addressing many questions from our clients since mid-March about stimulus payments and government assistance programs such as the Economic Injury Disaster Loan (EIDL) and the new Paycheck Protection Program (PPP) that was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
I recently had the opportunity to discuss the current state of the 2019 tax filing season as well as certain aspects of these government loan programs when my client, Mark McKearn, invited me to be a guest on his podcast. The link to the podcast is listed below. It is roughly 20 minutes in length. Feel free to listen!
Please contact us should you have any questions or would like to schedule an appointment at our office or video call.
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