Tax Deadline for Second Quarter 2020 Estimated Tax Payments
On April 10th, the IRS announced the tax deadline for Second Quarter Estimated Tax Payments for individuals, trusts, estates, and corporations has been extended from June 15th to July 15th. July 15th is now the deadline to file 2019 income tax returns, and pay any remaining 2019 tax liability along with first and second quarter payments. The expectation is for all state and local tax authorities to follow suit.
Many of us have been affected by COVID-19 pandemic and as a result, our 2020 incomes may be significantly different than our 2019 incomes. This difference in income makes tax planning for 2020 important. We will be in contact with all of you leading up to July 15th to ensure your 2020 tax planning questions are answered.
If you are expecting to receive a stimulus check, please note the first payments were sent by the government on April 11th. To track the progress of your stimulus check or if you have moved and/or have not set up a direct deposit for tax payments, the IRS is launching an online portal called “Get My Payment” on April 17th.
The portal will allow you to track your stimulus payment and update your address or banking information to receive your stimulus checks faster.
Please call us with any questions. We are here to help.
**We are considered an essential business and will remain open.