WASHINGTON — The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig. “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.

Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until Oct. 15 by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Filing Form 4868 gives taxpayers until October 15 to file their 2020 tax return but does not grant an extension of time to pay taxes due. Taxpayers should pay their federal income tax due by May 17, 2021, to avoid interest and penalties.

The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds associated with e-filed returns are issued within 21 days.

This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn’t subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.

State tax returns

The federal tax filing deadline postponement to May 17, 2021, only applies to individual federal income returns and tax (including tax on self-employment income) payments otherwise due April 15, 2021, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.

The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-­employment tax.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing payment and relief.

The New York State tax deadline has also been postponed to match the federal extension.

As your trusted professionals, we will keep you informed of any future tax updates as they arise.

At Peters & Associates, CPAs, P.C. the health and safety of our clients, our staff, and our communities is our top priority. We are taking appropriate precautions and have implemented a plan for continuing operations within the Centers for Disease Control and Prevention (CDC) and state and local officials’ recommended guidelines.

Client Meetings and Document Sharing

Our firm has invested in the technology required to meet our client’s needs without regard to a physical location. At this time, we are asking you to utilize alternatives to in-person meetings and are prohibiting all face-to-face meetings. We have the tools necessary to arrange for virtual meetings and file sharing.

Ways to safely and securely share information:

· OneDrive for emails

· Postal service

· Faxing at 315.476.0417

Effective immediately, we will be mailing returns and ask you to use one of our secure file sharing methods above. If you must drop information or documents off to the office, we have a designated area for this outside our lobby on the 4th floor. Please knock on our door and leave, we will immediately pick it up.

Our Internal Plan and Protocols

Our firm’s continuity plan ensures both operational effectiveness and safety. For the near term, we are prohibiting international, domestic and inter-office travel, and enforcing healthy hygiene habits and social distancing.

Our Commitment

Peters & Associates, CPAs, P.C. is confident in our ability to provide essential services while following safety precautions and guidelines. This situation remains fluid and our firm is prepared to alter operations at any time. We are also continuously monitoring any changes to the tax deadline or filing requirements and we will keep you informed.

We know that by working together we can minimize the impact of this crisis. If you have any questions about our policies and how they may affect you, please don’t hesitate to contact your professional advisor at the firm. Thank you for your confidence and trust in Peters & Associates, CPAs, P.C.

        Record Sales: For the year ended August 31, 2018, the firm completed its thirty-third year in business with record revenues. Thanks to referrals and clients’ business expansions, we have enjoyed another successful year.

1. Recent Personnel Additions to Peters & Associates, CPAs, P.C.: Our Syracuse accounting staff grew with the addition of an accountant, Elizabeth Stapleton.  Elizabeth has joined as a staff accountant.  She recently graduated from Oswego College and was employed as an intern by P&A since December, 2017.  Our Utica accounting staff grew with the addition of four accountants: Daniel Robertello, CPA, David Harrington, CPA, Chris Pawlikowski, CPA, and Kim Denslow. Daniel Robertello, David Harrington, and Kim Denslow made up the firm Robertello and Harrington, CPAs, P.C. before they joined P&A December 1, 2018.   Our recent growth has allowed us to increase our staff size (now 35) and expand our expertise, as well as to purchase new equipment and software to provide clients with superior service.
2. Agribusiness Specific Tax Planning and Preparation: Due to our new Seneca Falls location, our firm has specialized expertise to service farm, winery and agribusiness customers with many agricultural specific tax laws and opportunities.
3. QuickBooks: Our firm is a professional advisor for QuickBooks, the most recommended accounting program for small business owners.
4. Empire Zone: Our firm continues to be an advisor for the NYS Empire Zone program.
5. Cheshire Financial Planning Suite: The Cheshire Retirement Planner and the Cheshire Net Worth Planner assist us in planning our clients’ cash flow requirements for retirement, asset allocations, appropriate investments, and risk tolerance.
6. Peer Review: In 2016, Peters & Associates, CPAs, P.C. successfully completed its ninth peer review. Each CPA firm that is a member of the AICPA must participate in a peer review every three years. The AICPA’s Peer Review Program was created to provide assurance of quality in the accounting industry. Peters & Associates, CPAs, P.C.’s most recent review was completed for the years 2013 through 2016. The reviewer indicated that we complied with the professional standards set forth by the AICPA. Obtaining a ninth consecutive pass report on our Quality Control Performance serves to validate that our efforts over the past 33 years have been successful.
7. Thank you: Peters & Associates, CPAs, P.C., established in 1985, specializes in a wide range of financial services for businesses and individuals, including tax planning and preparation, small business accounting and consultation services, estate planning, and investment advice. Our goal is to provide sophisticated large-firm consultation services in a small-firm, personal environment at reasonable prices. Our slogan is “Other CPA firms cost money; we make our clients money.”

Our expansion in Utica continues our firm goal:

“Expansion always in all ways”.       

 “HAVE A HAPPY AND HEALTHY 2019”

1. Office Locations and Expansion: We have been in our Syracuse office at 731 James Street for over twelve years, and have offices in New York City, Utica, Seneca Falls and Old Forge. We expanded our Syracuse office space by 50% to provide space for our new accountants and a larger conference room. We just added a Pulaski location.

2. Record Sales: For the year ended August 31, 2017, the firm completed its thirty-second year in business with record revenues. Thanks to referrals and clients’ business expansions, we have enjoyed another successful year.

3. Recent Personnel Additions to Peters & Associates, CPAs, P.C.: Our Syracuse accounting staff grew with the addition of two accountants, Carolyn Lawless, CPA and Brandon Dauenhauer. Carolyn J. Lawless was with Bonadio & Co, LLP before joining P&A September 1, 2017. Carolyn values developing and maintaining close relationships with the owners and management of small to medium-sized entities to assist them in meeting their financial and personal goals. Brandon Dauenhauer has joined as a staff accountant. He recently graduated from Lemoyne College and was employed as an intern by P&A since May 16, 2016. We have also hired five interns. Our Utica accounting staff grew with the addition of two accountants. Jean Coolican and Alisa Cruger. Jean was with Oneida Limited before joining P&A January 1, 2018. Alisa was with RCIL Utica before joining P&A December 1, 2017. Our recent growth has allowed us to increase our staff size (now 30) and expand our expertise, as well as to purchase new equipment and software to provide clients with superior service.

4. Agribusiness Specific Tax Planning and Preparation: Due to our new Seneca Falls location, our firm has specialized expertise to service farm, winery and agribusiness customers with many agricultural specific tax laws and opportunities.

5. QuickBooks: Our firm is a professional advisor for QuickBooks, the most recommended accounting program for small business owners.

6. Empire Zone: Our firm continues to be an advisor for the NYS Empire Zone program.

7. Cheshire Financial Planning Suite: The Cheshire Retirement Planner and the Cheshire Net Worth Planner assist us in planning our clients’ cash flow requirements for retirement, asset allocations, appropriate investments, and risk tolerance.

8. Peer Review: In 2016, Peters & Associates, CPAs, P.C. successfully completed its ninth peer review. Each CPA firm that is a member of the AICPA must participate in a peer review every three years. The AICPA’s Peer Review Program was created to provide assurance of quality in the accounting industry. Peters & Associates, CPAs, P.C.’s most recent review was completed for the years 2013 through 2016. The reviewer indicated that we complied with the professional standards set forth by the AICPA. Obtaining a ninth consecutive pass report on our Quality Control Performance serves to validate that our efforts over the past 32 years have been successful.

9. Thank you: Peters & Associates, CPAs, P.C., established in 1985, specializes in a wide range of financial services for businesses and individuals, including tax planning and preparation, small business accounting and consultation services, estate planning, and investment advice. Our goal is to provide sophisticated large-firm consultation services in a small-firm, personal environment at reasonable prices. Our slogan is “Other CPA firms cost money; we make our clients money.”

Our expansion to Pulaski and bringing Carolyn J. Lawless on board continues our firm goal:

“Expansion always in all ways”.

“HAVE A HAPPY AND HEALTHY 2018”