Mar 24, 2020
As we continue to monitor the ever-changing landscape of the COVID-19 pandemic, we wanted to inform you of some important tax developments from the IRS and the Oklahoma Tax Commission.
The due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020. Affected Taxpayers do not have to file Extensions (Forms 4868 or 7004). There is no limitation on the amount of the payment that may be postponed.” According to IRS Notice 2020-18.
“Oklahomans now have until July 15, 2020 to file and pay their 2019 Oklahoma income tax return. This is applicable to income tax due from Tax Year 2019 and the first quarter payment for Tax Year 2020, both of which would normally be due on April 15, 2020.” Per the Oklahoma Tax Commission.
The U.S. Treasury Department, Internal Revenue Service, and the U.S. Department of Labor have announced that small and midsize employers (fewer than 500 employees) can take advantage of refundable payroll tax credits to help reimburse employers for the cost of offering paid leave to employees being effected by the COVID-19 virus. Per IRS Issue Number IR-2020-57.
Contact us for more information regarding these items.
In accordance with public health recommendations, Arledge and Associates is taking steps to mitigate the risks of this virus while still maintaining the personal service our clients expect from our team. While we are always available to answer any questions you may have, we are asking our clients to call ahead at (405) 348-0615 before coming to our office. We also request that if you are able to provide your tax information electronically please call us for instructions.
There is nothing more important to us than the health and safety of our coworkers and our clients. Thank you for your understanding and cooperation.