April 15 is just one week away. The end is in sight. Or is it? For many of our clients living within the 7 Massachusetts or 4 Rhode Island counties ravaged by the flood waters, April 15 has become just another date. For many, tax season will continue another 4 weeks until May 11, the new deadline set by the Internal Revenue Service for the flood victims.
The extension until May 11 covers not only individual tax returns, but all other entities as well. It also extends the time to make any payments due, such as extension or first quarter 2010 estimated tax payments. For anyone who lives in these places and owes a lot of money, here is a good break to either save the money in your account or to have time to find the money to pay with.
To those of us tax professionals, April 15 is still THE date. It is the date we are shooting for when the gate opens after the new year. It is still the date after which we can take a deep breath and relax and reconnect with our families and friends. And it is certainly the date by which we should thank our families and friends for their patience and tolerance and our co-workers and office staff for their tireless efforts. Thank you.
I hope I have helped some of you out there with some practical, plain tax talk. I encourage all to let me know if there are other things you want me to write about. I hope to post again by April 15 and then I am going on vacation.
Remember, it's your money. Watch it carefully. Ask questions. Be healthy and safe.
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