IRS Extends Deadline and Offers Payment Relief for COVID-19

 
We are committed to keeping you updated on all orders and notices that are provided from government officials as it pertains to taxes and business operations. 
The following three recent government announcements directly affect tax-related matters:

• Tax Filing Extension
• Payment Relief
• Tax Credits for Paid Leave

Tax Filing Extension

On March 21, 2020 The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date has been extended from April 15, 2020 to July 15, 2020. This is an automatic extension for all taxpayers.
No additional forms must be filed for this extension. If, however, a tax-filing extension is still needed beyond July 15, the regular extension filing guidelines must be followed by filing Form 4868. 
The IRS is working hard to ensure that refunds are not affected for those that need these additional funds during this time. 
“Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically,” said IRS Commissioner Chuck Rettig. “Filing electronically with direct deposit is the quickest way to get refunds. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds. As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience. I’m incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment.”

Payment Relief 

In conjunction with the filing deadline on July 15, payment relief has also been granted based upon the same due date. Payments, of any amount, owed to the IRS are not due until July 15, 2020. No penalties or interest will be owed upon the amount due if paid on or before July 15. This deferment applies to all taxpayers, including individuals, self-employed tax payers, trusts and estates, corporations and other non-corporate tax filers. 

Tax Credits for Paid Leave

Two new refundable payroll tax credits have been created in response to the financial strain the Coronavirus shutdowns have placed upon businesses. 
The Families First Coronavirus Response Act, signed by President Trump on March 18, 2020, allows small and midsize employers to begin taking advantage of this tax credit immediately. It allows for immediate reimbursement to employers, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. All American businesses with fewer than 500 employees will be provided funds to allow employees paid leave, either for the employee’s own health needs or to care for family members. For more detailed information concerning these refundable payroll tax credits, see the explanation from the IRS or call our office to speak to a tax accountant immediately. 
As always, Perry & Associates stands ready to help in whatever way we can. Call us for additional assistance – (740) 373-0056.

How Can the Best Tax Preparers Near You Bring Value? 

 
With your W-2s or 1099s in hand, you are ready to think about filing your taxes for the previous year. But with a variety of options for filing, which one should you choose? 
 
Should you go-it-alone and file online through a digital software? 
What about trying out a walk-up tax retailer service? 
Should you rely on your search for the best tax preparers near me?
 
We understand the concern…you want to make sure you’re making a wise decision, both for your future financial protection but also for your current financial cost. At first glance, online tax preparation or walk-in tax services appear to save money. But there may be more to the picture than just a few dollars saved for the year. 
 

Other Benefits that Some of the Best Tax Preparers Near You Can Bring

• Extensive Experience

 
 
CPAs vs Tax Preparation Chains
If you walk into a tax preparation chain, you may or may not actually get a Certified Personal Accountant to assist you. In fact, more often than not, you won’t. These walk-in services are designed to get as many tax returns through their doors in a day as possible. The preparers are usually seasonal, less trained employees capable of handling the basics, but not equipped to truly look at every angle for your return. 
 
Conversely, a CPA has to undergo at least 150 semester hours of education – on average – and they must pass a rigorous exam. They are also required to complete approximately 120 hours of continuing education every three years. As experts in tax code, their daily experience dealing with financial and managerial accounting and tax preparation positions them to provide you with the greatest return possible with the most protection. 
 
CPAs vs Digital Services
While digital services have extensive algorithms meant to ensure your taxes are well-prepared, the trajectory of your return is ultimately left up to you. This might be feasible if you have a relatively simple single-file return with no dependents, one W-2, and no abnormal circumstances, however, you may still miss out on some refund opportunities. 
 
Digital services can only learn so much about you through programmed questions and are simply unfit to anticipate certain circumstances. An in-person CPA can ask every question in the book, keep track of your financial activity from year to year to ensure you don’t pay any more than necessary, and make sure you are refunded as much as possible.
 
 

• Deal with Complicated Situations

 
 
Let’s face it – life is rarely simple. Sometimes life comes with complicated tax preparation scenarios that might be difficult to figure out on your own. Here are some examples of scenarios you might want to take to a CPA instead of navigating alone: 
 

• You recently inherited money or possessions 
• You have an investment portfolio of over $200,000
• You are divorced with children
• You own a small business or are self-employed
• You have a “side-hustle”, such as an Etsy shop, moonlighting as an Uber Driver, or renting out your home on Airbnb
• You own rental properties
• You have a large family with multiple forms of income (including being the parent of working dependents)

 
If any of these situations describe you, it is probably best to see a CPA near you for the best tax preparation services.  
 
 

• Build a Lasting Relationship 

 
 
A good CPA isn’t only going to be there for you during tax season. Seeing a CPA can be the beginning of an important professional relationship that advises you on your path to financial security throughout all of life’s changes, both expected and unexpected. 
 
A CPA can give you advice year-round to help save on taxes, improve your investment strategies, advise on new business ventures, debt mitigation, property purchases and much more. 
 

So, I’m looking for the Best Tax Preparer Near Me. Where do I go?

 
For trustworthy tax preparation services in the Mid-Ohio Valley and surrounding areas, contact Perry and Associates at one of our five different locations. We strive to become partners in our clients’ financial lives. For both present needs and future goals, we are here for you!
 
Marietta, OH
740) 373-0056
 
Vienna, WV  
(304) 422-2203
 
St. Clairsville, OH 
(740) 695-1569
 
Wheeling, WV
(304) 232-1358
 
Cambridge, OH 
(740) 435-3417