In your flash email, which I just received, you say that to be safe, we should file extensions for all clients that will not be filing by 4/15. I don’t read the information on the IRS website this way. The IRS website says that the filing deadline is automatically extended to 7/15/20. The relief is automatic and taxpayers do not need to file any additional forms or phone the IRS to qualify. Why are you now saying we should file extensions for everyone just to be safe. Or possibly you are saying that if we believe the return will not be done by July 15, we need to extend the return now in order to have an extension until 10/15. It seems to me that the verbiage could also be saying you file the extension in July.
To be safe, we suggest filing an April 15 extension for any client who may have to make an election or wants to extend the time to complete a 1031 exchange, make pension payments up to the extended due date. We may have clarity on this when the new bill is signed but we just think it’s better to be safe than sorry.