COVID-19: Business tax deadlines extended, MACPA plans weekly updates, and more
Note: The following is the text of an e-mail that MACPA CEO Tom Hood sent recently to those who attended the MACPA's virtual coronavirus-related town hall meetings on April 13 and 14.
We wanted to give you a quick update on what’s happened since the last MACPA town hall you attended.
First, based on your feedback, we have decided to add a weekly update about COVID-19 and any developments that will impact you as CPAs in all areas.
Second, here are a few things you had asked about:
- The latest polling report includes answers to many of the questions that were posted in Conferences IO during the town hall. A majority of CPAs expect the economy to rebound in three to six months. Only 5 percent think it will take more than a year.
- Here is a side-by-side comparison of relief programs from our Preferred Provider, Thomson Reuters.
- Here is a recap of our first town hall, which includes the sentiments of your fellow CPAs. It’s dated March 31.
The dates for our upcoming free weekly updates are:
- April 20, noon to 1 p.m.
- April 27, noon to 1 p.m.
- May 4, noon to 1 p.m.
- May 11, noon to 1 p.m.
- May 18, noon to 1 p.m.
And here are a few more important updates:
- Here is an article that details which banks are processing the most SBA loans in Maryland.
- Maryland Comptroller Peter Franchot has published new extended business tax deadlines as of April 14.
- Here is the Comptroller’s official release announcing the extended deadlines.
- Maryland’s personal property tax return deadline has been extended to July 15.
Comptroller notice on estimated taxes, dated April 14 Here is an excerpt from Maryland Comptroller Peter Franchot’s April 14 notice on estimated taxes:
"Fiscal year filers with tax years ending January 1, 2020 through March 31, 2020 are also eligible for the July 15, 2020 extension for filing returns and payment. The payment due date for quarterly estimated tax payments for the periods ending March 31, 2020 is generally April 15, 2020. Due to the state of emergency, the due date is extended to July 15, 2020.
“Additionally, the due date for estimated payments for the second quarter of 2020, originally due on June 15, 2020, is extended to July 15, 2020. The extension to July 15, 2020 for filing of returns and payment of 2019 taxes, as well as estimated tax payments for the first and second quarters of 2020, is automatic; no filing or request is required to take advantage of the extended deadline. Individual taxpayers who are paying by check or money order should submit their payment, along with Maryland Form PV, by July 15, 2020."
Extension of time to renew your CPA license CPA license renewal dates have been temporarily extended to May 1, based on an Executive Order from Gov. Larry Hogan. We have been told the State Board expects to extend those renewal dates to June 1, and we are asking the Board to consider a CPE reporting grace period until Oct. 31 in accordance with NASBA.
We are actively advocating and representing you with Congress, the Treasury Department, the IRS, and the state of Maryland for the COVID 4 (or CARES Act 2) relief package, which could provide an additional $250 billion in relief. We are working to sync federal and state tax and other compliance dates together. We are also working with the business community on a return-to-work plan.
Stay safe! Together we will get through this!