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Tax Return Preparation Update

05/5/2020
Now that April is over, here’s an update on where we stand in the tax return preparation process. 
 
While PBM staff continue to help business clients with obtaining the Payroll Protection Program (PPP) loan from the SBA, more and more staff resources are now being used to help clients with the intricate details of complying and maximizing the loan forgiveness provisions. In addition, we are working on catching up on the accounting that was set aside while helping clients with the PPP and other programs. Still, we anticipate being able to gradually shift our attention throughout May to tax preparation. The due date is July 15, not including extensions.
 
Our priorities will continue to be:
 
  1. Ensuring clients meet the tax filing and payment deadlines. Not all states have adopted the Federal deadline of July 15 for the second quarter estimated tax payments.
  2. Helping clients with particularly severe cash flow needs who may have refunds coming.
  3. Preparing partnership and S-corporation tax returns, as they have the K-1’s needed for the preparation of personal income tax returns.
  4. Preparing tax returns on a first-come first-serve basis. To that end, there are many tax returns in progress that had to be set aside as we dealt with this crisis. If yours is in progress, please still be patient as we will continue to have limited resources throughout May.
 

 

Thank you for your patience and understanding as we all work towards seeing an end to this crisis!
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