Federal & State Tax Insight – Rea CPA

Federal & State Tax Insight & Resources

Rea & Associates COVID-19 Tax Filing & Payment Resource Center

COVID-19 Federal & State Tax Filing Deadlines | Coronavirus Insight | Ohio CPA FirmU.S. taxpayers and businesses were given more time to file their federal tax returns by Treasury Secretary Steven Mnuchin during a March 20, 2020, announcement - a direct response to the current COVID-19 crisis. The new Tax Day will be July 15. Additionally, earlier in the week, Mnuchin announced that businesses could defer $10 million in tax payments and individuals could defer up to $1 million for 90 days, penalty-free.

We understand that you may have questions related to federal tax payments, as well as state tax payments and want to be a resource to you as you work through these changes. Below are some links that can help you make sense of the new timelines. Additionally, you are always welcome to reach out to your Rea & Associates tax advisor. Or, if you are unsure who to reach out to but have questions you are looking for answers to, please fill out our online contact us form.

Webinars 

Rea's tax professionals have put together a variety of key resources and have presented them to hundreds of organizations, complete with comprehensive webinars and Q&A sessions. This presentation is available to view at no charge.

For full access to these webinars, please click on the picture below. The top webinar is the most current piece of content and includes a variety of regulation updates for you to consider. When you access each webinar, you will also gain access to the slideshow presentations, the full transcripts, and a large variety of essential resources.

New Tax-Related Provisions For Increased Cash Flow - Recorded April 15, 2020

State & Local Tax: First Wave Response & Second Wave Predictions - Recorded April 14, 2020

State and Local Tax Issues | COVID-19 Crisis | Ohio CPA Firm

Tax Announcements From Rea & Associates 

[FAQ] COVID-19-Related Tax Credits For Required Paid Leave Provided By Small And Midsize Businesses

Payroll Tax Credits, Rapid Refunds Available For Employers

Government Postpones The Deadline To File 2019 Tax Returns

IRS: 2020 Tax Payment Deadline Pushed Back 90 Days

IRS Guidance In Response To COVID-19

The IRS has developed a tool that will allow for quick registration to process Economic Impact Payments for those who don't have a filing requirement. Non-Filers: Enter Payment Info Here | Additional info

According to the IRS website, the deadlines for filing taxes and making any federal income tax payments have been delayed until July 15, 2020. For additional assistance, the IRS has created a special online resource to assist taxpayers and businesses affected by coronavirus. To access the resource, click here.

State Tax Filing Guidance In Response To COVID-19

U.S. states are providing tax filing and payment due date relief for individuals and businesses. The American Institute of CPAs has compiled a list of developments on state filings related to coronavirus. Click here to read the full summary from the AICPA.

  • State officials in Ohio said they would monitor the IRS guidance as it is updated amid the pandemic.
Proposed Tax Filing Changes For Tax Year 2019

To read the complete slate of proposed tax filing changes, click here. An overview is provided below.

The proposed tax filing changes for tax year 2019 would:

  • Extend the due date for estimated payments required to be made for taxes administered by the Commissioner (including personal income tax, pass-through entity tax, and the state-administered municipal net profit tax) during TY 2019;
  • Waive interest from applying to payments that have an extended due date during TY 2019;
  • As more of the workforce begins to work from home, questions have arisen regarding residency for municipal tax purposes. This would address concerns of businesses regarding the “20-day rule” in municipal income tax by not requiring employers to withhold for employees’ home municipalities for the duration of an employee working remotely, but rather to continue to withhold for the employee’s traditional workplace;
  • Extend the due date of the state-administered municipal net profit tax in the event the personal income tax is extended and also makes the interest penalty discretionary for late payments;
  • Extend the date by which a taxpayer can opt to file with the state-administered municipal net profit tax from March 1 to April 15 to coincide with the due date for the first estimated tax payment.
  • Ohio’s tax filing deadline will be the same as the federal filing deadline, July 15, 2020.

Contact Us

We are always available to serve you as you continue to navigate through this difficult time. Please contact us if you have any tax-related questions.