Accountants & Advisors Propelling Professional Service Businesses Forward

Important Information Regarding COVID-19

Updated on April 21, 2020

Dear Valued Client,

We hope you are well. The health and well-being of our clients and employees is of utmost importance. With this in mind and in light of the recent impact and guidelines relating to the COVID-19 virus, also known as the coronavirus, we have temporarily closed our physical office. Our team will continue to work via remote connection and our clients can still contact our team via email or phone just as they have done in the past. We will communicate updates to our clients when necessary via email and our website. Listed below is important tax information and related changes in procedures.

Important Tax Information

The IRS has postponed the 2019 federal income tax return filing due date from April 15, 2020 to July 15, 2020 for individual taxpayers, (calendar year-end) trusts and estates and C Corporations. Additionally, the due date for 2019 income tax payments has been postponed from April 15, 2020 to July 15, 2020 for individual taxpayers, (calendar year-end) trusts and estates and C Corporations.

The IRS has postponed the 1st quarter 2020 federal estimated tax payment due date from April 15, 2020 to July 15, 2020 for individual taxpayers.

The IRS has postponed the 2nd quarter 2020 federal estimated tax payment due date from June 15, 2020 to July 15, 2020 for individual taxpayers.

The Illinois Department of Revenue has postponed the 2019 Illinois income tax return due date from April 15, 2020 to July 15, 2020 for individual taxpayers, (calendar year-end) trusts and estates and C Corporations. Additionally, the due date for 2019 Illinois income tax payments has been postponed from April 15, 2020 to July 15, 2020.

As of the date of this message, the Illinois Department of Revenue has not postponed the due dates for the 1st quarter 2020 Illinois estimated tax payment due on April 15, 2020 or the 2nd quarter 2020 Illinois estimated tax payment due on June 15, 2020.

Please note that nothing is required to be signed and no extensions are required to be filed for 2019 federal and Illinois income tax returns as of April 15, 2020. If you live in a state outside of Illinois, please contact us to determine if there are any necessary extension filing requirements.

Changes in Procedures

As a result of the COVID-19 situation, our firm has been transitioning to a completely remote workforce (for the time being), which has required unexpected time and effort during this tax season. As such, you may not hear from us until after April 15, 2020, but please know that we are diligently working through the tax returns in the order that we have received them.

For the foreseeable future, our clients should not send or drop off paper tax organizers, documents and check payments to our office. Instead, our clients will need to provide their tax organizer, source documents and payments to us in electronic format. Please contact Amber Esparza, our administrative assistant, via email at amber.esparza@elderhanson.com to coordinate the transmission of these items.

As of this point in time, we will provide all client deliverables including tax returns and financial statements in electronic format. As such, we will provide client tax returns, financial statements (when applicable) and source documents digitally via our ShareFile portal and have our clients digitally sign their tax returns via DocuSign.

On behalf of the entire team at Elder Hanson & Company, Ltd. we thank you for your continued trust and patience as we work together during these unprecedented times.

Be well and take care.

Best Regards,

Andy Hanson, CPA – Managing Principal