Tomorrow, September 15th, marks the filing deadline for calendar year-end S Corporations and 1065 Partnerships. If you are one of our clients, an extension was filed six months ago on March 15th, which automatically extended your return till tomorrow.
If your return is not filed by the close of business tomorrow, interest and penalties begin. Quarterly estimated tax deposits are due tomorrow as well.
Many have found that meeting the deadlines this year is close to impossible. Employers find themselves in a position where they need to do more with less. Given the layoffs that have occurred, many do not have the staff in place to handle these deadlines. Even the AICPA wrote a letter to the Chief Compliance Officer at the IRS talking about how impossible meeting the deadlines has become for many taxpayers and practitioners.
The IRS basically said that they had already postponed many of the deadlines earlier this year, and that they couldn’t push them back indefinitely. Death and taxes my Brothers and Sisters. No matter what happens, they always come.
In further news, Congressional Leaders have basically put all of the parts of the New Stimulus Package on hold until after the election.
Both sides, at this point, are saying that it is dead. They have now refocused their energies on passing a new budget to keep the government going past the September 30th fiscal year end. Congressional leaders are also saying that it will be passed cleanly. In other words, they will not try to slide even a portion of the stimulus package in to get even a little something passed before November.
This is problematic for many members of Congress who are facing tough opposition back home. Many members know that it would help their reelection campaigns if they could bring something back to help their constituencies. But the leadership on both sides is dug in.
Let’s at least hope that they can keep the government running past this month.
Let me leave you with this one thought…
I have a feeling that we are going to be stuck in this holding pattern for the foreseeable future. Winter is coming. With that, all outdoor activities will end. Many possibilities that we had to clear our minds and deal with the undeniable effects of this pandemic will end as well.
I just hope that they don’t close everything down again, with a potential uptick in cases that may happen with the change of the seasons.
You need to find ways to deal with the stresses that are present in your everyday life. Exercise, read a book, do something that’s just for you. Don’t ignore this. We all have busy lives. Schedule some time and deal with this.
Many experts are not talking about the mental health crises that this has become. In many ways, this pandemic has become inhuman. Many just sit in their homes, watch as the numbers rise on popular news shows, and feed on the fear.
Please do something positive in your life to counter the effects. Attack this problem the same way that you attack the others. But do so knowing that we are here to help.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything that you need, whether you are a current client or not, we stand ready to help. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
www.AccountingSolutionsLtd.com
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773-267-7500
chris@accountingsolutionsltd.com
