We find ourselves in uncharted territory in many different aspects of our lives today. As the country and the world struggles through the COVID-19 health crisis and resulting financial implications, we have been focusing on what we CAN control. While everyone’s situation is unique, there are a number of planning strategies and ideas that you should consider right now.
It seems like every day there is a new announcement or change to the tax laws relating to Coronavirus relief. The massive CARES Act was passed into law on Friday with a number of tax provisions, while the Treasury department has released additional guidance regarding tax filing deadlines over the past few weeks. We are trying to stay on top of how this will impact you and we thought we’d try to answer some of your frequently asked questions.
On Wednesday, the IRS officially announced an extension of the April 15th tax payment deadline for 90 days until July 15th, 2020. Today, Treasury Secretary Steven Mnuchin announced via Twitter that this extension will also apply to the actual filing of returns:
We are living through a unique time in history. As cases of Coronavirus (COVID-19) continue to increase throughout the country, extreme measures are being taken to try to slow that spread. These precautions will mean massive disruptions to our daily lives that could last weeks. While this is a difficult and scary time, our focus should be on the health and well being of everyone, particularly those most at risk of this disease.
Finding the middle ground can be difficult, especially in the increasingly polarized world we live in today. From politics to the stock market, extreme opinions dominate the conversation. Social media and the ability to instantly share your views with millions of people across the globe has amplified this polarization. It’s easy to gain a massive following online by making extreme statements, which makes it difficult to keep perspective in the face of a dangerous situation.
Tax season is right around the corner and by now you have likely begun to receive tax documents we will need to file your 2019 tax returns. Before you submit your 2019 tax documents, we want to remind you of the following tax procedures and deadlines.