Read These Important Announcements:
Due to the coronavirus pandemic, the Internal Revenue Service and the Treasury Department have announced 90-day federal tax payment relief. Taxpayers may defer payment of up to $1 million of their 2019 tax due to July 15, 2020 without facing penalty or interest. C Corps can defer up to $10 million of their 2019 taxes due.
It is important to note that although the payment deadline has been extended, the tax filing deadline has not been extended. A federal tax return or extension for individuals and C Corporations must be filed by April 15, 2020. If the tax return or extension is not filed timely, this 90 day payment extension will not apply.
This extension also applies to the estimated tax payments that are due April 15, 2020. Interest and penalties will begin to accrue on July 16, 2020 if payment is not made.
Underpayment penalties for periods before April 15th appear to still apply.
See this IRS notice for additional information.
Although an official announcement has not been made, it is expected that the state of Ohio will conform to the federal guidelines.
Due to all of the business shut downs and our concern for the safety of our employees and families, we at Billings and Company will be reducing our hours. We will be filing extensions on a significant number of tax returns. Even for those who may not have utilized an extension in the past, some will need to be extended due to these extenuating circumstances.
March 16, 2020
The Centers for Disease Control and Prevention has issued many warnings and precautions related to the current pandemic. At this time we remain open and are monitoring ongoing developments and safety alerts.
In order to keep the threat of spreading the virus as low as possible for both our clients and our staff we want to make you aware of the following ways to be in line with the recommended social distancing the CDC has recommended as imperative,
Most of the tax preparation process may be done without you having to come into the office.
You can FAX your documents to 440-365-9099.
You can EMAIL your documents to RBillings@BillingsCPAs.com; FKrempasky@BillingsCPAs.com; LReinhardt@BillingsCPAs.com; CMinnich@BillingsCPAs.com or any other staff member.
If you would like to drop off your return you may use the MAIL SLOT in our door allowing you 24 hour access or you may come to the office and just drop off your envelope on our front desk. No front desk interview is needed.
If you would like to call us from your car we can come out to get your tax documents from you as well.
Please be sure to return a signed engagement letter. These were emailed in December. If you need one please call our office and we can email you a copy.
We will call and/or email you with questions.
We can mail you your return or email electronic versions to you and hold the paper copy of the return for pick-up later this year. Please provide the email you want used if you would like this to be done.
If you have renewed your drivers license in the last 12 months please provide the new issue date and expiration date. Also, include a note showing the bank account number you would like to use for direct deposit should you be getting a refund. If you believe your 2020 financial situation will change when comparing it to 2019 then please include a note regarding those changes.
It is in the best interest of both our employees and our clients to avoid in-person visits and meetings when possible. Please call with any questions before dropping off your documents. You may also send questions via email.
Once you review your return please call if you have questions and then you can fax, email, drop off your signed Form 8879 in our door mail slot (in an envelope). This form allows us to electronically file your return.
For tax preparation payment you also have options. You may call in to pay by debit or credit card (we pass along the 4% credit card processing fee) or you can drop off or mail a check for payment.
We encourage you to take advantage of the above procedures for tax preparation this year.
The health and safety of our office staff and our clients is extremely important to us and we are monitoring the situation closely and making changes where needed. We know that clients are counting on us to complete their taxes in a timely and efficient matter while ensuring they pay the least of amount of tax legally possible.
We are doing our best to create an atmosphere in our office of cleanliness by cleaning touch areas of doors, office equipment, handles etc. multiple times daily as well as educating our staff on safe distances to maintain.
We encourage you to visit the Centers for Disease Control website to keep updated on recommendations they are making.
Please don’t hesitate to call us with questions.