Now that both California and the Federal IRS April 15 tax deadlines have been extended, most taxpayers and businesses will have more time to file and make tax payments without interest or penalties.
Earlier this week, the IRS followed most states by allowing individuals and businesses to postpone income tax payments due April 15 until July 15.
We continue to monitor developments, including the progress Congress is making on the CARES Act in response to the COVID-19 pandemic, this Act may contain tax provisions that affect both individuals and businesses.
Please note, as of the time of this posting, the due date for making a 2019 IRA contribution is unchanged, April 15. Individuals are allowed to make 2019 traditional or Roth IRA contributions of up to $6,000 (or $7,000 if over 50 at the end of 2019) or, if less, up to the amount of their 2019 earned income. Higher income taxpayers are not allowed to contribute to a Roth IRA and contributions to a traditional IRA may not be deductible based on income limitations and eligibility to participate in an employer’s retirement plan.
GROCO will periodically revise this information and suggests that visitors review it often for these updates from State and IRS official announcements. After the proper tax authorities provide formal guidance, we will revise this information. Please reach out to your GROCO tax advisor with any questions.
The post Federal Tax Return Filing Deadline Moved to July 15, 2020 first appeared on Advisors to the Ultra-Affluent – Groco.