Asset Planning, Inc Blog

The latest from the team.

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!

Continue reading
  916 Hits

Search Blogs Module

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