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Coronavirus: Important Tax Information

Ohio University Credit Union Financial Services office remains available for service to credit union members and tax, accounting, payroll, and financial planning clients. The accounting profession has been deemed an essential service – to protect our clients and staff our lobbies are closed. We are working diligently to provide the service you need to meet your financial obligations during this unprecedented time. Please find an update on important information below, along with how we can help. 

If You Haven’t Filed Your Taxes

Although our lobbies are closed, you may continue to drop off your tax return documents at our Shafer Street location during business hours.  Envelopes and a secure drop box are available in the vestibule between the doors.  You may also send your documents through the OUCU secure email portal, or through the U.S. postal system.  A limited number of telephone tax consultations are also available.

Changes to the Filing Deadlines

  • On March 21 the IRS announced that the federal income tax filing due date is automatically extended from April 15 to July 15, 2020.  
  • Taxpayers can automatically defer tax payments due on April 15 to July 15, 2020 without penalties and interest, regardless of amount owed.
  • It is not necessary to file an extension unless you need to extend beyond July 15, 2020.
  • Ohio and local cities are also automatically extending the tax filing deadline to July 15, 2020.

Payments to the IRS

  • If you have already filed your tax return with a payment scheduled for April 15, this date WILL NOT automatically be extended to July 15, 2020.  Unfortunately, we are unable to change this payment after the return has been e-filed.  If you need to cancel this payment you must call the US Treasury Financial Agent at 888-353-4537.
  • First quarter 2020 estimated tax payments due April 15 are extended to July 15, 2020. 
  • Second quarter estimated payments are still due on June 15, 2020 at this time. 
  • Existing Installment Agreement payments due between April 1 and July 15, 2020 are suspended (under law interest will continue to accrue on any unpaid balances).

Individual Retirement Accounts (IRA) and Health Savings Accounts (HSA)

  • The deadline to contribute to an IRA or HSA for 2019 has been extended to July 15, 2020.
  • The pending Coronavirus Aid, Relief, and Economic Security Act (CARES) is expected to suspend required minimum distributions (RMD) from IRAs for 2020 to allow stocks that may have fallen in value to recover before being sold.

Government Financial Support for Impact of Coronavirus

  • The Families First Coronavirus Response Act gives businesses with fewer than 500 employees funds to provide employees with up to 80 hours of paid leave through refundable payroll tax credits.  
  • The pending Coronavirus Aid, Relief, and Economic Security Act (CARES) is expected to provide $1,200 per single adult US resident with a Social Security Number and an adjusted gross income of $75,000 or less.  Married couples with no children earning $150,000 or less would receive $2,400.  Head of Household filers and those with children will receive more and payments phase out for those over the income limits.  
    • There is no application. 
    • It is unknown at this time if the method of payment will be check or direct deposit.
    • The stimulus amount will be based upon either your 2018 or 2019 tax return, whichever has been most recently filed.
    • Should you not qualify for the stimulus funds based upon your most recent tax year and you do qualify based on your 2020 tax return (filed in 2021) you will receive the stimulus payment at that time.
  • The CARES Act is also expected to expand unemployment, even to workers not previously eligible such as the self-employed.
  • The CARES Act is expected to suspend student loan payments for loans held by the federal government until Sept. 30, 2020.

Through this pandemic our accounting staff continues to monitor developments from the CDC, IRS, and State of Ohio.  We also utilize resources provided from membership in the American Institute of CPAs, Ohio Society of CPAs, and National Association of Tax Preparers to remain updated on information as it becomes available.

Tax Preparation Update

To protect employees and clients, our financial services lobby is closed to the public. We know this complicates the process, but we're here to work for you in this unprecedented situation. 

Here are answers to questions you may have regarding tax services. 

Tax Prep FAQ

Your patience is appreciated as we process your tax returns and requests for information. We’re here for you and will respond as quickly as we can. Due to the volume of phone calls and emails our tax return preparation time is experiencing delays. We have prioritized business returns necessary for emergency funding requests and are working as quickly as possible.

Thank you for understanding. We’ll get through this together. 

 

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