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TAX UPDATE & EXTENSION

TAX UPDATE & EXTENSION

As of Friday, March 20th, the deadline to file tax returns has been extended to July 15th to file or pay 2019 income taxes (up to $1 million). During this time, filers will not incur interest on unpaid taxes or be subject to tax filing penalties. Taxpayers tend to procrastinate and wait to prepare their taxes, but since COVID-19 continues to disrupt our daily lives, I am sure many will welcome this extension.  I also understand that many of my clients will need guidance in interpreting and understanding the significant changes stemming from the Tax Cuts and Jobs Act, which is still quite new.

To help answer common questions about the 2020 tax season during these unsettling times, we’ve created a tax “cheat sheet” for you.  Please see the links below to access our: