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
  681 Hits
681 Hits

Search Blogs Module

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