posted by: Radnor Financial Advisors
As you may be aware, the federal government has announced an extension of the deadline for filing and paying your tax return or extension from the traditional April 15th date to July 15, 2020. Please note that this 90 day extension also extends the timing of any required first quarter 2020 estimated tax payment (traditionally due on 4/15 now extended to 7/15).
For our clients who utilize our tax services, our office continues to move through our tax return preparation procedures as normal. We will continue to send completed returns for your review and signature. We plan to file completed returns as they are approved.
However, for any return/extension not yet submitted by our office and where a payment is required with the filing, we will direct debit those payments from accounts under the new July 15th deadline. We are able to file a completed return and schedule the payment to be processed at a later date, thereby extending the timeframe of remitting the payment and allowing you to earn interest on your funds longer.
Please note we have not received confirmation from the various states and municipalities of this extension. However, it is our expectation that all of the states and municipalities will follow the new federal guideline.
If you have any questions please do not hesitate to reach out to the Radnor tax team. We hope you all are staying safe and well. We are here to serve you in any way that we can.