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Update on Tax Season Due to COVID-19

Our firm sincerely hopes that you, your family, and your business are staying healthy, financially and physically. There is a lot of uncertainty in the world today. John 14:27: Peace I leave with you, my peace I give unto you: not as the world giveth, give I unto you. Let not your heart be troubled, neither let it be afraid.

The IRS and Franchise Tax Board have made significant changes to due dates of tax payments and tax filing deadlines

·April 15th payments for 2019 taxes due are due July 15th
·April 15th due date to file your tax return extended to July 15th. This applies to FTB and IRS.
·2020 1st Estimated Tax Payments (usually due April 15) for IRS and FTB are due July 15th
·2020 2nd Estimated Tax Payments (usually due June 15th) for the FTB are due July 15th
·As of now, the IRS has not extended the 2nd Estimated Tax Payment (due June 15) to July 15.
·No penalties or interest will accrue on these payments if paid by July 15th
·LLC and S-Corporation Annual $800 taxes are due July 15th

Prospect Financial Solutions will be updating our social media pages as new information breaks regarding tax breaks, the stimulus package, SBA loans for small business, unemployment insurance, paid-sick leave, etc. There is a ton of new information coming out of Washington D.C. and Sacramento. Please follow us to keep up to date:

·https://www.facebook.com/ProspectFinancial/
·https://twitter.com/pfstax
·https://www.instagram.com/prospectfinancial/

If you have questions regarding this correspondence, please reach out to us.

Frequently Asked Questions
Q. I haven’t filed my personal tax return for 2019. Has the due date for filing a tax return been extended?
A. Yes, the filing deadline has been moved from April 15 to July 15. In addition, an extension can be filed by April 15th to give us 6 months to file your personal tax return. At your request, we will file this extension. Please check our social media for updates.

Q. I’ve already filed my personal tax return and paid my balance due. Is there any relief for me?
A. Unfortunately, the taxes you’ve already paid cannot be sent back to you.

Q. I received a refund or am planning on receiving a refund. Does any of this apply to me?
A. The extended payment dates do not apply to you. The extended due date to file does apply. However, if you are planning on getting a refund, our advice is to file sooner so that you can get your refund sooner.

Q. Our tax return has been filed and we scheduled payments to be automatically withdrawn from our bank account on April 15. What are my options?
A. Good question:
·For Franchise Tax Board payments, you can call 916-845-0353 to cancel the scheduled payments
·For IRS, you can call the IRS at 888-353-4537 to cancel.
·Please be aware that you may have also scheduled your 2020 estimated tax payments to be automatically withdrawn as well. If this is the case, the phone numbers listed above apply.

If you have any questions, you can call our main line at 909-797-3140.

Thank you for the opportunity to serve you.

Sincerely,

Prospect Financial Solutions, LLC