UPDATED MARCH 20, 2020
FEDS CHANGE MIND & MOVE FILING DATE BACK TOO
Originally the IRS moved the payment time for income taxes due back to July 15,2020, but still wanted the Income Tax Return filed by April 15,2020.
Responding to the confusion they created they have now moved BOTH the filing date & payment date back to July 15,2020 for income tax returns due & payment of taxes due to that 90 day later date.
We will see what else comes from the Federal & State Governments as part of these social & economic lockdowns for health reasons.
The time in which you can pay Income Taxes that you owe for 2019 has been extended until July 15, 2020. Additionally no additional penalties or interest are running on that payment delayed past April 15, 2020. In other words you can pay your income taxes due 90 days later than the usual April 15.
Tax experts believe this extension will also apply to small business entities like Limited Liability Companies and Subchapter S corporations. This extension applies to up to a Million Dollars in income taxes due. (Hopefully you owe nothing like that amount).
It is also believed this extension will apply to larger C Corporations and all of this is part of the recent Stimulus Bill past relating to the recent lock down of the country socially & economically for health reasons.
Other extensions might be granted as these lock downs continue, but don’t count on them happening as a certainty.
Do call your Accountant & Attorney about these tax law modifications.
And for Goodness Sake, please get your Estate Plan updated by your Estate Planning Attorney! You never know when the Storm is going to Hit!
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.