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Sal explains what the April 01 stimulus for employees entails

3/30/2020

IRS answers questions regarding extension relief

3/24/2020

In FAQs just posted on their website, the IRS answered many the questions regarding the July 15 filing and payment extension announced in IRS Notice 2020-18. Note the following highlights:

Filing and payment extension is only available for the following returns:
o Form 1040, 1040-SR, 1040-NR, 1040-NR-EZ, 1040-PR, 1040-SS;
o Form 1041, 1041-N, 1041-QFT;
o Form 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-N 1120-PC, 1120-POL, 1120-REIT, 1120-RIC, 1120-SF;
o Form 8960;
o Form8991;and
o Form 990-T (but only if originally due on April 15).
Extension relief is not available for:
o Fiscal-year taxpayers, unless their original due date or extended due date is on April 15, 2020;
o Second quarter estimated income tax payments due June 15, 2020;
o Returns that were originally due on March 15, including Forms 1065, 1065-B, and 1066, and Form 1120-S for calendar year taxpayers;
o Returns with other due dates, such as the May 15 due date for nonprofits;
o Payroll or excise taxes;
o Estate or gift taxes; and
o Information returns.
Taxpayers needing an additional extension to October 15, 2020, can file an automatic extension request by July 15, 2020, using Form 4868 for individuals and Form 7004 for businesses (including trusts), and must pay any extension amount due at that time to avoid the imposition of interest and penalties starting July 16, 2020;
Taxpayers that scheduled a payment with their tax return (authorizing an electronic funds withdrawal) may cancel their payment by calling (888) 353-4537. Cancellation requests must be made no later than 11:59 p.m. ET two business days prior to the scheduled payment date. See FAQ 14 for instructions to cancel other types of scheduled payments; and
Deadlines for contributions to IRAs, employer retirement plans, health savings accounts, and Archer medical savings accounts are extended to July 15, 2020.

The FAQs are available at:
www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

Additional News about Extension

3/21/2020

The IRS has issued Notice 2020-18, which clarifies some provisions for extended returns, but leaves other questions unanswered.

Here are the questions that were answered:

The April 15 income tax payment deadline has been extended to July 15 for all taxpayers, not just those below the tax due thresholds previously mentioned; The filing and payment extensions apply to individuals, trusts, estates, partnerships, corporations, associations, and companies;
The relief applies only to income tax returns and income taxes, no extension is provided for the payment or deposit of any other type of federal tax, or for the filing of any federal information return;
Payroll tax filings and payments are not extended by this notice; and
Estimates due on April 15 are extended to July 15 (there is no discussion of second quarter estimates).

There is no discussion about extensions other than the July 15 date. We assume if a taxpayer wants an extension to October 15, an extension may be filed on or before July 15.

I will continue to keep you posted as additional filing and payment information is released

Corona Virus Benefits

3/19/2020

Information regarding various benefits made available:

2020-03-19_corona-virus-benefits.pdf
File Size:	105 kb
File Type:	pdf

Download File

IRS announces 90-day payment extension

3/17/2020

At a press conference held today, U.S. Treasury Secretary Mnuchin announced the following extensions for federal income tax payments:

Individuals and businesses with an April 15 filing deadline will be given an additional 90 days to pay taxes;
Individuals will be able to defer up to $51 million of tax liability; and
Corporations get an extension for up to $10 million.

Sal explains what the April 01 stimulus for employees entails

IRS answers questions regarding extension relief

Additional News about Extension

Corona Virus Benefits

IRS announces 90-day payment extension

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