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Tuesday, March 31, 2020

Office Hours, Tax Filing & Extension Updates from Gardner & Billing CPAs



The Internal Revenue Service and MT State Department of Revenue are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The April 15 deadlines for all individuals, trusts, and corporation tax filings and income tax payments are automatically extended until July 15, 2020. This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.  The relief is automatic and taxpayers do not need to file any additional forms to qualify.

Although the deadline has been extended, we want to reassure you that if your return has not already been filed, we will continue to work diligently to fulfill your tax filing obligations.  We recognize how important timely refunds and tax payment planning will be in this uncertain climate, so if we currently have your completed tax information, our goal is to have your returns finalized before April 30th, unless otherwise discussed.  If we have not yet received your tax information, we encourage you to submit it before the new July 15 extension deadline. 

Due to COVID-19 directives, our office is currently closed to the public. We have authority to continue working but will be complying with social distancing measures by conducting business via phone, mail or electronic means. If you are unable to utilize these methods to complete your necessary business, please call us to arrange a special appointment. We will be observing Friday, April 17th as an employee holiday but are otherwise available during regular office hours Monday – Friday from 8am to 5pm.  

We will do our best to serve you and your financial needs during this difficult time and we thank you for your understanding, patience and continued patronage.  If you have any questions on these topics or would like resources or consulting on other COVID-19 tax and business impacts, we encourage you to contact our office at 406-436-2583

Friday, March 27, 2020

Annoucement from Gardner & Billing CPAs

As of 5pm today our office will be closed to the public. We have authority to continue working but will be complying with social distancing measures by conducting business via phone, mail or electronic means during office hours. If you are unable to utilize these methods to complete your necessary business, please call us to arrange a special appointment. 

We will do our best to serve you and your financial needs during this difficult time and we are working to process tax returns to get you timely refunds despite the tax filing deadline extension. 

Thank you for your understanding, patience and continued patronage.

Wednesday, March 18, 2020

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

https://home.treasury.gov/news/press-releases/sm948 

The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The tax payment deadline has been extended to July 15 for many taxpayers, but it's important to note that the filing deadline for tax returns remains April 15, 2020. If you are unable to file a return by April 15th, you must still file an extension of time time file. At this time, no announcement has been made as to whether MT Dept of Revenue will follow suit, so state payments remain due by April 15th. 

This federal payment relief includes:
  • 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. The 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 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.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15. 

This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.

Friday, March 13, 2020

March 16th Filing Deadline


Monday, March 16th is the tax filing deadline 
for pass-through business entities including 
1065 Partnership returns and 1120-S Corporations. 
It's our last big deadline before Tax Day on April 15th!

Thursday, March 5, 2020