CORPORATE/PARTNERSHIP INCOME TAX DEADLINES – 2019

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 for all taxpayers. Included are individuals, trusts, corporations, estates and other non-corporate tax filers. Taxpayers can also defer, without penalties or interest the payment of federal income taxes due regardless of the amount owed to July 15, 2020. Taxpayers needing additional time to file may also request an extension to October 15, 2020 by July 15, 2020. However all taxes due would be required to be paid by July 15, 2020. The extension of additional time is solely for the purpose of filing your tax return and does not extend the time to pay your taxes. At this time there is no indication that penalties and interest would be waived for those opting to file their tax returns by October 15, 2020. The extended filing due date does not require the filing of any form to qualify for the extension. New York State has also moved the deadline to file state income tax returns and tax payments to July 15, 2020. New Jersey has extended the tax filing deadline for state income tax returns and tax payments to July 15, 2020. Connecticut announced that it will align with the Federal governments deadline for filing state income tax returns to July 15, 2020. The filing deadline also applies to estimated income tax payments for the first and second quarters of 2020.

On behalf of Colasanti & Iurato LLP we sincerely hope that you and your families are well during the ongoing COVID-19 situation. Given the rapidly changing situation, we are closely monitoring developments, and will continue adjusting its approach in the best interests of our firm and our clients. The firm remains fully operational, with our staff having the ability to work remotely, when necessary, without interruption during the extraordinary events unfolding in Westchester and Putnam counties, across the state and country. Our offices are continuing to support clients with real-time access and staffing of matters as part of the firm’s business continuity plan. To date, none of the employees in our firm has exhibited symptoms or needed to be tested for COVID-19. In an abundance of caution the firm has taken measures in adherence with CDC guidelines. We have increased the frequency of cleaning and disinfecting of our offices and the firm continues to implement social distancing measures previously adopted. The Coronavirus outbreak is disrupting business-as-usual for companies around the world and here in New York. Our highest priority at Colasanti & Iurato LLP. is the health, safety, and well-being of our employees, clients, vendors, and those we come in contact with. For further guidance, please contact the CDC and Westchester County Department of Health which can be reached at 211 and 1-866-588-0195 respectively. The firm extends its sincerest wishes for your health and welfare.

We would like to take this opportunity to thank you for supporting our Mahopac office since January 1, 2016. Jennifer Garcia, CPA and staff are always available to discuss your business and individual needs along with staff of our White Plains office. There is a collective 50+ years of experience between Bill, Glen and Jennifer with a wealth of knowledge that will continue to serve an ever-increasing range of individual and business clients and industries. Our capabilities have expanded and we encourage you to inquire about how our services can benefit you. TO BETTER SERVE our clients located in Northern Westchester & Putnam Counties: You may contact us here: 854 Route 6, Mahopac, NY 10541 Phone: 845.628.8500 | Fax: 845.628.8998

Highlights: The age for mandatory IRA distributions has increased from age 70 1/2 to age 72 for those turning 70 1/2 after December 31, 2019. The maximum age for IRA contributions of age 70 has been eliminated. Contributions to an IRA can continue for an individual as long as the they are working. Penalty free withdrawals for expenses of qualified births and adoptions up to $5000.00 per individual are available. For example each parent may withdraw up to the limit for a total of $10,000.00 penalty free. 529 education savings accounts have been expended to include home schooling, private and elementary, secondary and religious schools. Distributions up to $10,000.00 can also be used to pay for student loans.

We sincerely hope that you had a wonderful holiday season and wish you a happy, healthy, and prosperous New Year. Tax filing season 2020 is upon us and as always it would be our pleasure to assist you with the preparation of your personal and business income tax returns. Appointments may be scheduled by contacting our office as soon as possible in order to ensure a date and time that is suitable for you. Tax appointment days are typically on Tuesdays, Thursdays and Saturdays. However if it is more convenient, you can mail your tax information and consult with us by telephone or e-mail. Also let us know if you would like a tax season organizer which may help you collect your 2019 tax information. In addition, a gentle reminder, payment for services would be appreciated at the time of your appointment or prior to your receipt of your tax returns. In conclusion, we thank you for your patronage and referrals over the past years. We appreciate the confidence you have in us to be able to tell your family and friends about our firm. Should you have any questions, please do not hesitate to contact us at your convenience. We look forward to hearing from you. Colasanti & Iurato LLP