Tax Filing Updates

State Filing Dates

On Wednesday, March 25, 2020, Governor JB Pritzker announced that the Illinois Department of Revenue would follow the Internal Revenue Service in extending state tax return filings and payments until July 15, 2020. Please note, this does NOT impact the first and second installments of estimated payments for 2020 taxes that are due April 15 and June 15.

While the federal and Illinois state filing and payment deadlines have been pushed until July 15, 2020; we are encouraging all individual and business clients to move forward with their tax filing soon.

• For individuals making estimated payments, please reach out to your M&S tax advisor for specific guidance and read here for more information.
• For all other individuals, you will not need to make any federal payments until July 15, 2020, but may need to complete your Schedule C if you are applying for SBA loans.
• For businesses, you may need to complete your 2019 tax returns to file for SBA loans, such as the PPP or EIDLE, as well as additional financing with your current lender or business interruption insurance.

Completing your taxes is still simple and easy while our teams continue to work remotely until it is safe for both our staff and clients to be back in the office. We have the technology to do this securely and effectively – maintaining constant communication with our clients.  Our regular office phone numbers will ring through to those working at home; and we are always available via email or video chat.

To submit documents:

• For individuals, it is our strong preference we create a TaxCaddy account for you. Please review our TaxCaddy Resource Page for more information
• For business and trust clients, you may log into your account on our Secure Client Portal or request a secure link from your M&S advisor.

If you must send paper documents, please send them via USPS. If FedEx or UPS is your only option, please reach out to your M&S advisor to coordinate a direct shipping.

Please do not email sensitive information or documents. GoogleDocs, DropBox and other file sharing applications may also be unsecure.

To file and sign your returns:

• For individuals, access or request your TaxCaddy account. Once your returns have been finalized, you will receive them electronically for review. You will sign and submit the e-signature authorization form via the software, completing the process.
• For business and trust clients, you will receive a secure link to our client portal to upload your documents and review your finished return. You will receive an email from SafeSend to sign the e-signature authorization form, completing the process.
• For clients not using TaxCaddy or SafeSend Returns, you should prepare for delays in the mailing and processing of paper returns. Currently, processing paper client documents and paper-filing tax returns are pending our ability to safely reopen our offices to access, print and bind documents.

We are all in this together! Please reach out as soon as possible so we can begin helping you prepare the financial documents, forecasts, and cash flow model you need to secure funding and make sound business decisions over the coming days and weeks.