An Important Message Regarding 2019 Tax Deadlines
The Treasury Department, the Internal Revenue Service and the SC Department of Revenue are providing special filing and payment relief for individuals and businesses in response to the COVID-19 outbreak. Key points are summarized below, along with some important notes about Burkett, Burkett & Burkett CPAs’ service going forward.
Tax Filing and Payment Deadline Extended to July 15th
- Income tax filing deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020.
- Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due.
- This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates.
- IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.
- For C Corporations, income tax payment deadlines are also being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.
- This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
South Carolina Filing and Payment Deadlines extended to July 15, 2020
- South Carolina Department of Revenue (SCDOR) announced that they are aligning with the IRS to extend the Income Tax filing and payment due dates to July 15, 2020.
- Penalty and interest will not be charged if payments for income tax returns are made by July 15, 2020. Applicable returns include South Carolina individual income taxes, corporate income and other income taxes filed and paid with the SCDOR.
- SCDOR restated their March 17th announcement that other state returns and payments due April 1 – June 1 will now be due June 1, 2020. Penalties and interest will not be charged if payments for applicable returns are made by June 1, 2020. Applicable returns in this case include Sales and Use Tax, Admissions Tax, Withholding Tax, and other taxes that are filed with and/or paid to the SCDOR.
- As of March 25,2020, SCDEW has indicated that unemployment tax return filings are still due April 30th. However, penalties and interest will not be charged for payments made by June 1st.
- The SCDOR is automatically applying the filing and payment relief for all applicable returns and payments. You do not need take any additional action.
Important Notes About Our Burkett, Burkett & Burkett CPAs Tax Service
- While our offices remain open, we have instituted a number of policies, including working from home and adjusted working hours.
- As our normal practice during this time of year, our most enjoyable part of the season is spending time with you, our clients. However, for everyone’s safety, we are curtailing face-to-face meetings.
- At the current time, we are accepting drop off information of your tax documents with specific procedures in place. However, you may also consider using mail or overnight delivery service or our secure file exchange service to electronically upload your documents. You can receive a secure link by contacting your CPA via our team page and requesting a link.
We will continue to keep you updated as more information becomes available. This is a fluid and constantly changing situation. Please check back on our website for any changes to our office hours or procedures. If you have any questions or concerns please contact our office and/or email our team. We appreciate your understanding and support.