Governor Pritzker announced today, March 25th, that the State of Illinois income tax filing and balance due payment deadline has been extended for 2019 returns to July 15th, 2020. However, for Illinois, 1st quarter estimates are still due on April 15th, 2020, and 2nd quarter estimates are still due on June 15th, 2020. This decision […]
State Updates In a press release dated March 21st, 2020, Missouri Governor Parson announced the extended payment and filing deadlines for Missouri state income tax. The decision mirrors that of the Internal Revenue Service. The City of St. Louis earnings tax has also been extended for both filing and payment. It’s important to note that, […]
In a press release dated March 21st, 2020, Missouri Governor Parson announced the extended payment and filing deadlines for Missouri state income tax. The decision mirrors that of the Internal Revenue Service in response to the evolving issues surrounding COVID-19 (coronavirus). Key takeaways surrounding the Governor’s announcement are as follows: the Missouri state income tax […]
Employers are scrambling to find ways to help their employees who are impacted by the coronavirus (COVID-19) pandemic. It would surprise some to know that help already exists in a little-known provision of our tax law. Now that the COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 can be used to […]
The Families First Coronavirus Response Act, (H.R. 6201), became law on March 18, 2020. It is the first coronavirus relief bill, with likely more to come as the situation evolves. The law requires employers with 500 employees or less to provide paid leave to their employees who are affected by the pandemic. A number of […]
Dear Clients and Friends, We wanted to provide you with this update. As the COVID-19 (Coronavirus) issue continues to evolve, our policies may also evolve to lessen the potential effects of this pandemic. The health and well-being of our communities, clients, and team is our highest priority. As per Governor Pritzker’s order announced last night, […]
Treasury Secretary Steve Mnuchin announced today that the U.S. income tax filing deadline will be extended to July 15th due to the Coronavirus pandemic. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” Mnuchin said on Twitter. We will continue to monitor the updates regarding this […]
Treasury Secretary Steven Mnuchin announced this week that taxpayers may get a bit of relief due to the Coronavirus issue affecting the Nation. Mnuchin declared a 90-day deferral of taxes owed with no interest or penalties . While this provides for some relief due to the COVID-19 issue, it’s important to keep in mind that […]
Dear Clients and Friends, As our firm continues to monitor the COVID-19 (Coronavirus) situation, we wanted to take a few minutes to reach out to our clients, friends, and community. As you are aware, we are in the heart of the busiest time of year for our industry. Scheffel Boyle remains fully operational in our […]
Most people have April 15th burned in their minds as the deadline for filing their federal income tax returns. What you may forget is that the gift tax return deadline is on the very same date. So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re […]
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