Tax & Current Accounting Topics

IRS reminder: Taxpayers can get an extension to Oct. 15 to file taxes 

https://www.irs.gov/newsroom/irs-remi...

https://accountinginstruction.info

WASHINGTON – The Internal Revenue Service today reminds taxpayers that they have until the postponed due date of July 15, 2020, to file an extension for their 2019 federal tax return. The extension gives taxpayers until Oct. 15 to file, but taxes owed are due by July 15.  The July 15 due date generally applies to all taxpayers who have an income tax filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Taxpayers and tax professionals should continue to use electronic options. The IRS encourages taxpayers to file electronically. Doing so, whether through e-file or IRS Free File, reduces tax return errors, as the tax software does the calculations, flags common errors and prompts taxpayers for missing information. Free File Fillable Forms means there is a free option for everyone.

IRS reminder: File and pay 2019 business taxes by July 15; 2020 estimated tax also due 

https://www.irs.gov/newsroom/irs-remi...

https://accountinginstruction.info

WASHINGTON — The Internal Revenue Service today reminded business taxpayers that their 2019 tax returns and tax payments, as well as their first two 2020 estimated tax payments, are due on Wednesday, July 15.  The July 15 due date generally applies to any tax return or tax payment deadline that was postponed due to COVID-19. In April, the IRS said that this postponement applied to all taxpayers that had a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. No late-filing penalty, late-payment penalty or interest will be due for payments prior to July 15.  Corporations, trusts and estates, as well as individuals and other non-corporate tax filers qualify for the extra time. A complete list of qualifying filing and payment deadlines are available at IRS.gov/coronavirus.

IRS provides last-minute tips for last-minute filers

 https://www.irs.gov/newsroom/irs-prov...

https://accountinginstruction.info

With the July 15 tax-filing deadline − postponed from April 15 – only a few days away, the IRS is reminding taxpayers who have yet to file their tax returns that IRS.gov has tools and services to help them meet their tax obligations.  IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension or making a payment, the IRS website can help last-minute filers on just about everything related to taxes. Taxpayers can also use the Interactive Tax Assistant tool to answer many tax questions they may encounter.  The IRS reminds taxpayers they have a range of expert help available through a qualified tax professional, including certified public accountants, enrolled agents and attorneys. The IRS encourages people who need the help of a tax professional to visit a special page on IRS.gov.

IRS says a Paycheck Checkup helps avoid tax surprises 

https://www.irs.gov/newsroom/irs-says...

https://accountinginstruction.info

The Internal Revenue Service is reminding taxpayers that using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help them have the right amount of tax withheld and avoid surprises when filing next year.  Because income taxes are pay-as-you-go, taxpayers are required by law to pay most of their tax as income is received. There are two ways to do this:  Through withholding from paychecks, pension payments, Social Security benefits or certain other government payments. Making quarterly estimated tax payments throughout the year for income not subject to withholding.

Taxpayers should file on time even if they can’t pay their full tax bill 

https://www.irs.gov/newsroom/taxpayer...

https://accountinginstruction.info

Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due. Otherwise, they may end up owing even more because penalties and interest can cause a taxpayer's debt to grow.  If a taxpayer owes taxes, but can't pay by the July 15, 2020 deadline, they should: File their tax return or request an extension of time to file. Taxpayers who can't file their return on time, should request an extension to file. Without this extension, they may face a failure-to-file penalty.

IRA contributions made by July 15 count as 2019 tax deduction 

https://www.irs.gov/newsroom/ira-cont...

https://accountinginstruction.info

The Internal Revenue Service today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return.  Taxpayers can file their 2019 tax return now and claim the deduction before the contribution is actually made. But the contribution must then be made by the July 15 due date of the return, not including extensions.

IRS.gov has answers about filing, paying and July 15 due date 

https://www.irs.gov/newsroom/irsgov-h

https://accountinginstruction.info

WASHINGTON — As the July due date for filing a tax return draws closer, the Internal Revenue Service reminds taxpayers about the many resources available on IRS.gov. Whether on home computers or mobile devices, the number of taxpayers visiting IRS.gov continues to grow year after year.  Easy-to-use tools, available 24 hours a day on the IRS website, have been used more than 1.2 billion times this year.

Treasury, IRS issue guidance on reporting qualified sick and family leave wages paid

https://accountinginstruction.info

Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file 

https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020. For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. The upcoming July 15 deadline applies to many forms that were originally due May 15, including:

https://www.irs.gov/newsroom/taxpayers-need-to-resume-payments-by-july-15