Extensions and Deadlines
As you know, federal and many state tax filing and payment deadlines have been extended, providing relief for individual and business clients alike. Rhode Island and Massachusetts have extended both April 15, 2020 deadlines. Additionally, RI and MA taxpayers do not have to worry about the first quarter estimates, which have also been extended to July 15, 2020. Not all states have offered these extensions.
Regardless of the new deadlines, we encourage you to please send us what documents you have, so that we may begin to prepare or complete your tax return. Unless you are missing significant data, we would like to be proactive and process what we are able to before new May and June deadlines are upon us.
Why submit now?
Filing early and not waiting for the new deadline extensions helps in a number of ways:
- Gain access to your refund earlier, should you qualify
- File now and pay later
- Plan now (gain a better financial picture) for the months ahead
- The second quarter federal and state estimated tax payments are due June 15, 2020 and we will need to know your 2019 tax liability to accurately calculate the estimated tax payments due
- Take advantage of help now to avoid the rush that July 15th will bring.
We are pleased to share that our Emergency Contingency Plan has been working during the COVID-19 pandemic, and that we have been able to serve you without disruption. If you would like to send us your documents electronically, please contact us and we will send a secure link for your use.
We are regularly monitoring changes and how they may affect you and/or your business. Please contact us at 401-831-0200 with any questions. Thank you for your support. Please keep safe and healthy.