April 15 Filing Deadline, 90-day Tax Extension and Snyder Cohn Operations

To our valued clients and friends of Snyder Cohn,

As you may have heard, the Treasury Department has announced that taxpayers with amounts due April 15, 2020 will be given an additional three months to make those payments. Individuals, estates, and trusts will be able to defer up to $1 Million of tax; corporations will be able to defer up to $10 Million. Interest and penalties will not be added to any amounts paid on or before July 15. Maryland has instituted a similar provision for state taxes, but Virginia and DC have not released any additional information at this time.

Initial guidance from Treasury did not extend the filing deadline, only the time for payment, meaning that taxpayers would have been required to file extensions. However, this morning, Secretary Mnuchin announced that the filing deadline has also been moved, meaning extensions should not be required. It is likely that most states will follow suit.

The federal three-month deferral applies to 1st quarter 2020 estimated tax payments as well as to payments due with 2019 tax returns. We expect additional updates from Treasury and from the states. Snyder Cohn continues to monitor the situation carefully and will provide additional information as it becomes available. In the meantime, please don’t hesitate to contact us with any questions.

In addition, we would like to share an update on how Snyder Cohn is responding to the rapidly changing environment caused by the continued spread of coronavirus (COVID-19). With safety as our primary concern, we have recommended that effective March 18, 2020, all Snyder Cohn accountants work remotely until further notice. We want to assure you that we are prepared to service clients remotely for an extended period of time. We have long been committed to a flexible work environment, and already have the tools and technology in place to work effectively from remote locations. We do not anticipate interruptions in the service you are accustomed to receiving. Our teams will continue to work diligently to meet deadlines and to deliver the high level of service you expect from us.

At Snyder Cohn, we feel well prepared to maintain all of our services, and we acknowledge there may be needed adjustments along the way as we, along with you, navigate through these unprecedented times. We highly value your business, and we appreciate your patience with us. A few items to note:

  • The methods of reaching us remain the same; our email addresses and phone numbers have not changed.
  • We will have limited staff in our office as allowed to receive packages and mail, as well as to facilitate work between our people and our clients.
  • We are encouraging alternative forms of meetings instead of in-person meetings.
  • We encourage our clients to practice social distancing and avoid delivering items to us in person. Please consider sending items to us electronically, by courier or FedEx.
  • We remain dedicated to our client relationships. If we need to adjust how an engagement is approached due to your changing requirements or ours, we’re committed to being flexible and collaborative.
  • We will regularly communicate as warranted.
  • We encourage you to contact us with anything we can assist you with during these difficult times.
  • We will update you with federal, state and local regulatory changes as they are issued.
  • Thank you for your continued understanding as we make decisions that we think are best for our associates and clients. If you have any questions or concerns, please do not hesitate to contact one of us or your Snyder Cohn Relationship Partner.

    Wishing good health and warm regards to all,

    Steve Braunstein, Managing Partner
    Email Steve