Monthly Archives: March 2020

A Catch-22 On SBA Loans

Posted on March 31, 2020 by Russ

catch-22 (noun): A dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions. The CARES Act allows for all sorts of SBA (Small Business Administration) loans to help with the virus pandemic. Sounds … Continue reading →

Posted in IRS, SBA | Tagged | Comments Off on A Catch-22 On SBA Loans

Make Work for Tax Professionals, or, Aunt Rose, You Need to File a Tax Return

Posted on March 30, 2020 by Russ

UPDATE: Late on April 1st, the IRS reversed course. To the question, “I am not typically required to file a tax return. Can I still receive my payment?” The IRS now states, Yes. The IRS will use the information on … Continue reading →

Posted in IRS | Tagged | Comments Off on Make Work for Tax Professionals, or, Aunt Rose, You Need to File a Tax Return

The Stimulus and More

Posted on March 30, 2020 by Russ

As I’m sure all of you are aware, Congress passed legislation sending money to Americans, along with a lot of other tax related components. Here’s a summary. The Stimulus: Each non-dependent will receive a $1,200 “Recovery Rebate” provided their Adjusted … Continue reading →

Posted in IRS | Tagged | Comments Off on The Stimulus and More

IRS Extends Estate & Gift Tax Returns to July 15th

Posted on March 27, 2020 by Russ

If you have to file an Estate Tax return (Form 706) or Gift Tax return (Form 709), the IRS announced today that those are being extended to July 15th. The details are in Notice 2020-20. Here is the legalese: The … Continue reading →

Posted in Estate Tax, Gift Tax, IRS | Tagged | Comments Off on IRS Extends Estate & Gift Tax Returns to July 15th

Individual Return Deadlines

Posted on March 27, 2020 by Russ

UPDATE: Please see this post that has the final versions. We prepare tax returns for individuals throughout the United States, so we have to keep track of the deadlines–and that’s a task right now. So we created a spreadsheet with … Continue reading →

Posted in IRS | Tagged | Comments Off on Individual Return Deadlines

Extensions, IRAs, HSAs, and 2016

Posted on March 25, 2020 by Russ

Yesterday, the IRS released guidance on the July 15th due date. The IRS guidance confirmed my previous post that not all tax filings have been extended. Among the clarifications: Estate and Gift Tax returns (Form 706 and 709) were not … Continue reading →

Posted in IRS | Tagged | Comments Off on Extensions, IRAs, HSAs, and 2016

Not All Tax Returns Have Been Extended

Posted on March 23, 2020 by Russ

Friday night, the IRS made it official regarding income tax returns due on April 15th; they are now due on July 15th. However, not all returns have been extended. First, while I expect most states to conform to this deadline … Continue reading →

Posted in IRS | Tagged | Comments Off on Not All Tax Returns Have Been Extended

Tax Day will be July 15th

Posted on March 20, 2020 by Russ

Secretary of the Treasury Mnuchin tweeted this morning (literally two minutes after I finished the previous post): At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time … Continue reading →

Posted in IRS | Tagged | Comments Off on Tax Day will be July 15th

Secretary Mnuchin: It’s Time to Extend the Tax Filing Deadline to July 15th

Posted on March 20, 2020 by Russ

UPDATE: Two minutes after I finish this post Secretary Mnuchin announced that the tax deadline has been extended until July 15th. I don’t want the deadline extended just to have it extended; however, it’s a necessity given what almost all … Continue reading →

Posted in IRS | Tagged | Comments Off on Secretary Mnuchin: It’s Time to Extend the Tax Filing Deadline to July 15th

California Extends Filing and Payment Deadlines to July 15th

Posted on March 20, 2020 by Russ

California’s Franchise Tax Board announced late Wednesday that they have extended both the filing and payment deadlines until July 15th. This is for all individuals and business entities, and includes 2019 tax return, 2019 tax return payments, 2020 1st and … Continue reading →

Posted in California | Tagged | Comments Off on California Extends Filing and Payment Deadlines to July 15th