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Federal Income Tax Filing & Payment Update due to COVID-19

Dear Valued Clients and Friends, As many of you are already aware, the Treasury Secretary announced this morning that the Federal government has extended the income tax filing and payment deadline for individual and some corporate returns for 90 days beyond the normal tax deadline of April 15th. The new filing and payment deadline is July 15, 2020. Here is a brief explanation of the official statement: 1) The new filing and payment deadline is July 15th, 2020. As of Friday, March 20, 2020, there is an extension of the April 15th individual (and some corporate) tax filing and payment deadline. There currently is not updated information on any potential changes to the October 15 extension deadline. Those taxpayers unable to file by July 15th, should request an extension of time to file on IRS Form 4868, although we do not know what the tax extension timeline will look like at this point. 2) All Federal income tax payments may be deferred until July 15th, 2020. The official guidance indicates this includes both 2019 balances due as well as 1st quarter 2020 estimated tax payments. However, if you have the funds available to make your final 2019 tax payments by April 15th, or shortly thereafter, then we recommend you do so as interest rates are currently very low and these



Tax-Planning Opportunities for Businesses and Business Owners

Tax-Planning Opportunities for Businesses and Business Owners

You may be entitled to a deduction of up to 20% of your qualified business income. This deduction may be limited if your taxable income exceeds $321,400 for a married couple filing jointly, $160,700 for singles and heads of household, and $160,725 for marrieds filing separately.