Dear Client,
The Covid-19 pandemic is forcing us to face unprecedented circumstances. As a country, we are just beginning to contemplate its effect on our lives, from our day-to-day routines to our financial wellbeing. As your tax and accounting firm, we are working to analyze the rapidly changing implications of the governmental response to the pandemic. Unfortunately, we have limited resources to address every question, and it is important for us to triage and prioritize attention based on immediate need.
Our highest priority is assisting small business clients with their short-term viability through the quarantine. We are aware that Congress has voted to authorize one-time stimulus payments based on an individual's 2018 or 2019 tax returns. For up-to-date information about the economic relief package, please refer to the Tax Foundation.
The 2019 tax return filing and payment dates have been extended to July 15 by both the Federal Government and the State of Illinois. Taxpayers who make estimated payments to the State of Illinois will still need to send in their April 15 estimated payment; we will be in touch with clients to whom this applies.
We appreciate your patience as we navigate this period of uncertainty. We will provide updates as we receive reliable information.