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
  1077 Hits

Search Blogs Module

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