These are some unprecedented times for Idaho residents. I am going to pass along some information that I think you will find beneficial if you have not seen it from other sources.
Filing of Taxes:
In light of everything happening around us, I thought it would be useful to send out information in regards to tax return filing due dates. Our firm is doing our best to continue to work through the filing season despite the unusual circumstances that we have all experienced. As you are probably aware, the federal government has delayed the filing date from April 15th to July 15th. The State of Idaho has delayed the filing date from April 15th to June 15th. This means that your tax returns will need to be prepared prior to June 15th in order to satisfy both deadlines. We ask for your cooperation in making this happen. We would like your tax information as soon as possible so that we can work towards that deadline despite the potential slowdowns that we may experience. Your information can be mailed to us or delivered electronically as our office is currently closed to the public.
Following are excerpts from the IRS FAQs on their recent announcements to postpone the April 15th due date until July 15th:
...No COVID-19 effect required. You do not have to be sick, or quarantined, or have any other impact from COVID-19 to qualify for relief. You only need to have a Federal income tax return or payment due on April 15, 2020. (FAQ 2)
... Payroll and excise taxes. Under the Notice, normal filing, payment, and deposit due dates continue to apply to both payroll and excise taxes. (FAQ 6)
... Estate and gift taxes. Normal filing and payment due dates continue to apply to estate and gift taxes. (FAQ 7)
... Filing extension beyond July 15. If you are an individual, you can request an automatic extension to file your Federal income tax return if you can't file by the July 15 deadline.
... Already filed but haven't paid. If you have already filed but haven't fully paid the taxes due, to avoid interest and penalties, pay your taxes in full by July 15, 2020. (FAQ 13)
... June 15, 2020 estimates. June 15, 2020 estimates have not been postponed. These second quarter 2020 estimated income tax payments are still due on June 15, 2020. (FAQ 16)
... IRAs. The Notice's relief applies to IRA contributions. IRA contributions for 2019 are due by the tax filing deadline. Thus, 2019 IRA contributions can be made by July 15. (FAQ 17)
...HSA and Archer MSAs. A taxpayer can make a contribution to an HSA or MSA, for a particular year, by the due date for filing the taxpayer's tax return. Because the due date for filing 2019 Federal income tax returns is now July 15, 2020, under the Notice, a taxpayer may make contributions to an HSA or MSA for 2019 by July 15, 2020. (FAQ 21)
Governor’s Emergency Declaration:
The Governor’s emergency declaration yesterday is through April 21. We have been receiving calls about what is essential services. On Wednesday, March 25, 2020, Governor Little issued a “Stay-Home Order”, requiring all Idahoans to self-isolate at home if possible. Employees who work in healthcare, food supply and other “essential businesses” are permitted to still go to work. Any non-essential business must close. You can view the order here: https://coronavirus.idaho.gov/wp-content/uploads/sites/127/2020/03/statewide-stay-home-order_032520.pdf.
The order defines essential infrastructure (8.b) to include work necessary to operate and maintain “water” delivery. It also defines essential businesses (8.f) to include operations necessary to support farming and livestock operations.
Essential Service Letter:
Also, there was a discussion about having a letter available that might work if you were deemed an essential business and someone challenged you. Attached is a sample provided by Pam Eaton from the Idaho Retailers Association. Feel free to modify to meet your own business or organization needs.
Governor’s Task Force:
I am on a Task Force for the Governor to respond to business, agriculture and natural industry response to the coronavirus. If you have situations impacting your operation, business or organization that I should relay to our Task Force in our weekly meetings with Governor Staff please let me know and I will be happy to share those. Braden Jensen, Idaho Farm Bureau is also on the Task Force so feel free to reach out to Braden at this time also.