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BREAKING NEWS: Tax Filing and Payment Deadlines
As we reported yesterday, the Internal Revenue Service has postponed the tax filing and payment deadlines for calendar year taxpayers until July 15, 2020. Revised guidance has now been issued which expands the provisions to remove the dollar limitation on the amount of the payment that may be postponed until July 15.
BREAKING NEWS: U.S. Treasury Secretary Now Says Tax Filing Deadline Is Moved to July 15
U.S. Treasury Department Secretary Steven Mnuchin announced this morning that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19) outbreak.
U.S. Treasury Department Delays April 15 Payment Deadline; Announcement Does Not Delay the April 15 Filing Deadline
On Tuesday, March 17, Treasury Secretary Steven Mnuchin announced at a press conference that individuals and corporations can delay their tax payments until July 15 due to the coronavirus pandemic. Mnuchin stated that individuals can defer up to $1 million in payments for 90 days from the April 15 deadline and corporations can defer up to $10 million in payments for 90 days.
Message To Our Clients About COVID-19
We want to let you know that we are closely monitoring information from the Centers for Disease Control (CDC), as well as local and state authorities, relating to the COVID-19 outbreak and the potential impact on our ability to provide exceptional client service to you during this time. It is important that we protect your health and the health of our personnel, their families and our communities.
Three Bills Form Tax Reform 2.0
On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0.
Watch Out for Tax-Related Identity Theft Scams Throughout the Year
With the filing date for 2017 in the rearview mirror for most businesses and individuals, the last thing you want to think about is income taxes. Unfortunately, criminals who commit tax-related identity theft do not work seasonally — they are constantly devising identity theft schemes.
Home Equity Interest Still Deductible for Many
The language of the new tax law led some to believe that interest on all home equity loans, home equity lines of credit and second mortgages was not deductible from 2018 through 2025. In response, the IRS issued a statement clarifying that the interest will remain deductible based on how the proceeds were used and not how the loan is labeled.
How Will the New Tax Legislation Affect Your Estate Plan?
The new tax legislation makes many changes to individual and corporate tax rates, eliminates a host of deductions and credits, enhances other breaks and makes numerous additional changes.