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
  944 Hits

Search Blogs Module

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