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
  1126 Hits

Search Blogs Module

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