We would like to let you know about the steps WSRP is taking to respond to COVID-19 and provide an update on tax deadlines. There are new relief packages and announcements happening almost daily. We will send updates as soon as news is released.
Safety. WSRP’s main priority is the safety and well-being of our team, clients and the community. Our leadership team is continuously monitoring COVID-19 developments. We have put measures in place to ensure the safety and wellness of our team and clients. We are following recommendations from the World Health Organization (WHO), Center for Disease Control (CDC), and local authorities.
Accessibility. We remain focused on continuing to serve you. Our team has taken the necessary steps to make sure we can continue to deliver the quality of work you have come to expect.
- Remote Support. WSRP has technology for our professionals to work remotely. They will have access to your financial data, access to their email and they will be accessible via phone.
- Office Hours. WSRP is committed to remaining open unless the authorities request us to close. We are asking anyone coming to our offices to make sure they do not pose a risk to others based on the identified health criteria.
Federal Tax Payments & Filing Deadlines. The Treasury Department and the Internal Revenue Service are providing payment relief for both individuals and corporations.
- Filing Deadlines. They have been moved to July 15, 2020.
- Payment Due Dates. If taxes are due, the payment date has been moved to July 15, 2020, without any penalties or interest for any individual who owes less than $1 million in taxes or a corporation that owes less than $10 million. Penalties and interest will begin to accrue on unpaid balances as of July 16, 2020.
- Estimated Payments. This relief includes estimated tax payments for the tax year 2020 that are due on April 15, 2020.
State Regulations. With a change in the federal tax payment deadline, it is expected that most state legislatures are likely to follow federal guidelines. While many states have announced business and individual income tax return filing extensions and/or late filing/payment penalty relief, we continue to wait for guidance from the various state authorities. This is a fluid situation that we continue to monitor alongside our alliance partner, BDO USA. We will provide additional updates as more guidance is released.
If you have any questions, please reach out to your WSRP professional. We are here to support you.
Please remain safe and well.