Asset Planning, Inc Blog

The latest from the team.
Font size: +
2 minutes reading time (458 words)

New Tax Deadlines

In an effort to help you understand the ever-changing tax deadlines, we went to the source (IRS, CA FTB) to get the details. The following is a summary of the new deadlines that we thought you should know about:

The IRS extended the tax filing deadlines for your 2019 taxes from April 15 to July 15, 2020. The IRS also clarified other details that we thought were important:

  1. You also have until July 15 to contribute to an IRA account and have it posted to the 2019 tax year.
  2. For those of you that pay estimated taxes, the IRS stated that the first-quarter 2020 estimated tax payment that would have been due on April 15 is now delayed to July 15. BUT the second 2020 estimated tax installment is still due June 15, 2020 This makes the second payment due before the first payment! Hopefully America is back up and running so this does not become an issue but, if not, we expect the IRS to issue another statement regarding the due dates.
  3. The IRS also clarified that taxpayers “do not have to be sick, or quarantined, or have any other impact from COVID-19” to qualify for the new deadlines.
  4. California is following the IRS filing guidelines.
  5. Note, if you think you will receive a refund, go ahead and file as soon as possible.

California Property tax is still due on April 10, 2020. This is paid to the county that you live in. The state of California is encouraging the counties to waive penalties for late payments. The county tax collectors have the authority to waive penalties resulting from a late payment due to “reasonable cause and circumstances beyond the taxpayer’s control. Relief under this rule is discretionary and will be evaluated on a case-by-case basis. Taxpayers unable to pay by April 10 will need to request relief and demonstrate to the tax collector that the inability to make a timely payment was due to the COVID-19 pandemic. For example, the Los Angeles County Tax Collector has set up a special team to process penalty relief requests, and has advised impacted taxpayers to submit a request for penalty relief online, beginning on April 11.

In Orange County, Shari Freidenrich, the county treasurer-tax collector released the following statement “For taxpayers that do not make payment of property taxes due to COVID-19 by April 10, we expect them to submit a Penalty Cancellation Request Form and documentation to support the cancellation of penalties as allowed in limited circumstances under current state law.”

As soon as the stimulus bill is finally approved, we will post a summary of the final package. This will include the payroll tax, unemployment, small business loans and stimulus check guidelines.

Stay safe, sane and healthy!

×
Stay Informed

When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.

CARES Act Stimulus Summary
Special Update: Coronavirus, Markets and What You ...

Related Posts

Search Blogs Module

Wait a minute, while we are rendering the calendar
cell phone service provider paper records phone companies earnings fallout Kraig Mathias card reader partner /owner team members debt Part D premiums . non-prescripstion sunglasses donation counts health care services CA FTB Fox News story borrowing money tax filing deadlines pets health care costs October 1 2020. relief efforts September 30 2020. Labor Day credit cards self-help topics Orange County market turmoil stock pile September 9 parking spots Medicare Part B tax records interest rates 4 pm -8pm pet industry house sitter Amazon Medicare plan Roth IRA 2018 IRA contributions Open House CFP ® policy tax season TD Ameritrade president Trump insurance policies Kiplinger Letter years holidays approach phishing scams padlock jury duty April 11 Treasury Department California Lions Friends illiegal robocallers hurricane Dorian money Auto insurance earthquake app Mobile Banking Security Tips Affordable Care Act clone counterfeits Legal robocalls paperwork clutter water … September 8 home emergency preparedness kits July 3 rd life saver pet phone media accounts Retirement Contribution Limits Two-Step Verification email notifications privacy notices IRS news coverage identity thieves Notary Public pet donation drive Coronavirus Aid spam phone scams ice cream Wells Fargo customers pet supplies Asset Planning assets official certification estate planning direction EEChecklist-Kits.pdf stockpilingchecklist.pdf Ice Cream Social April 15 cell phone carriers Shred paperwork consumer spending increase IRA accounts tax deadline National Ice Cream month fun facts emergency kit Social Security birth certificates June 29 gap insurance July 4 check lists Victor Dergunov investment statements drive /usb asset Planning credit card fraud https ://seekingalpha Part B 23 andme credit monitoring service FSA CERTIFIED FINANCIAL PLANNER exam clients show support people medications markets text messages Financial Planning Magazine ice cream event offering insurance “ skimmer ”. cell phones payments Brexit vote bottom line web address Expired medications 2017 IRA contributions car loans estate phishing sites student loans credit card company disaster areas July weekend blog post Medicare Part B premiums February 14 Medicare cell phone carriers offer items 70 1/2. information home security Wells Fargo employees account numbers tax deadlines insurance policy retirement app retirement planning Charles Schwab flash drive 900 number summer tax returns estate planning trust integral member Supplemental Security Income coronavirus checklists client portal chip-enabled EMV cards spring cleaning cell phone SIM swap scam 20 year anniversary Flexible Spending Account vacation ID card clients Economic Security VOIP landline phones notary services opt-out executive order documents retirement accounts 401K trustee information Facebook Open Enrollment CARES Act contribution limit Puerto Rico prescription eyeglasses operations manager 2017 TD Ameritrade National LINC Conference April 18 2017. portal identity theft donation items Facebook profile COVID -19 virus memorial Day weekend interest home mortgages business hours July 6 credit freeze D premiums Medicare question Orange County Superior Court Medicare Advantage home privacy settings vision screening stimulus package records retirement plans DNA test kits emergency kits spread IRS deadline home break-ins Erin Nelsen Independence Day FEMA website wells Fargo company home emergency kit settlement options Joey Gonzales driver license family members 2017 Equifax breach credit score breach Federal Trade Commission website Social Security Administration fees rescue organizations cell phone provider Healthcare toilet paper January 10 banking emergency folder fun atmosphere https ://