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
  412 Hits
412 Hits

Search Blogs Module

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