Helping you save money and plan for your future.

March 25th, 2020 UPDATE

HELP IS ON THE WAY

IRS Deadline update: Federal FILING and payment deadlines are moved to July 15th, thankfully. Now, no extension is required to wait until that date. This affects estimated payments, and "tax due" payment due dates.
People have been asking me lots of questions. The IRS has a page "Filing and Payment Deadlines Questions and Answerswhich has lots of good answers.  I will share some here:
  • What about payroll taxes? Are they still due on April 30th?
AnswerYES. If you have a payroll, your payroll taxes are still due April 30th.
 
  • I owe tax. Do I need to do anything special to pay by July 15th without penalties? 
Answer: NO. July is the new April. More specifically, July 15th is the new April 15th.
 
  • WHAT ABOUT IRA'S? Can I wait until July 15th to contribute to my IRA?
Answer: YES!!! IRA contributions for the prior year are due the day of the due date of the return,including when it is moved back to July!!!
 
  • What about Estimated Tax Payments?  That's SO confusing!  Is the April 15th estimate due in July?  If so, what about the June 15th estimate?
Great Question! And a bit confusing! Yes, the April 15th payment is now due July 15th. But the June 15th estimate is still due on June 15th! How crazy is that? The schedule is now: June 15th, July 15th, September 15th, and January 15th.
 
VERY IMPORTANT FOR SOME OF YOU WHO MAKE AUTOMATIC PAYMENTS:
  • WHAT IF I ASKED THE IRS TO TAKE THE MONEY OUT OF MY ACCOUNT IN APRIL. WILL THEY AUTOMATICALLY MOVE IT BACK TO JULY?
NO!!! the payment will not be automatically rescheduled to July 15. If you do nothing, the payment will be made on the date you chose. Here is information on how to cancel and reschedule your payment:
- If you scheduled a payment as part of filing your tax return (authorizing an electronic funds withdrawal), you may revoke (cancel) your payment by contacting the U.S. Treasury Financial Agent at 888-353-4537. You must WAIT until 10 days after the return was accepted by the IRS (we tell you when it was accepted) and call to make a payment cancellation request no later than 11:59 p.m. ET two business days prior to the scheduled payment date. 
- If you scheduled a payment through Electronic Federal Tax Payment System (EFTPS), click on Payments from the EFTPS home page, login, then click Cancel a Tax Payment from the left menu and follow the instructions. You must do so at least two business days before the scheduled payment date.
- If you scheduled a payment by credit card or debit card, contact the card processor to cancel the card payment.

BUT WHAT ABOUT THE STATES???

What I wrote above does apply to New York State, and others, but not all States.. Here we go. 
 
 
The following States have income tax filing extensions: 
 
AL, AK, AZ, CA. CT, CO, DE, GA, HI, ID, IA,IN, MA,MD, MN, MO, MT, NE, NM, NY, NC, ND, OR, PA, RI, SC, TN, VA, UT, VT, WI and DC.
 
For New York, there is a good article in the Albany Times Union, titled, "NY, IRS push tax deadline to July 15" They removed their paywall for this article "to provide critical information to our community." 
 
“'The (state) deadline is the federal deadline,' Gov. Andrew Cuomo’s Budget Director Robert Mujica said during a news conference Friday on the ongoing corona virus response.
 
'We are tied to the federal deadline so our deadline will move to the end of July.'” 
 
But it's not the end of July. It's the 15th.
 
Conspicuously absent from this list is New Jersey.
 
 
The article opens, 
 
"Senator Anthony M. Bucco today urged Governor Murphy to sign legislation extending the New Jersey tax filing deadline to June 30."
 
Bloomberg has an article, updated at 6:15 pm last night, "New Jersey GOP Lawmakers Press Gov. Murphy on Tax Deadline"  In this article, Bucco is pushing for a law that 
 
"would require the state to follow the IRS in moving the due date to July 15 [emphasis added]. 'With all the disruptions and stress resulting from this pandemic, it’s prudent to ease the tax-filing burden on people who are dealing with this unprecedented situation,” Bucco said in a statement. Assemblyman Brian Bergen (R) made the same plea Monday.'"
 
When Jersey officially changes to June 30th or July 15th, I will let you know. At the moment, it seems inevitable.  Still, it's never a done deal until it's a done deal.

 
If you have a refund coming, let's try to get this handled ASAP, as those are still rolling out to our clients. 






 
David is a registered representative at LifeMark Securities Corp.

For additional information, please visit FINRA BrokerCheck
BrokerCheck
LifeMark Securities Corp., member FINRA /SIPC, and its affiliated insurance agencies offer securities, advisory services and certain insurance products and are not affiliated with Taxmaster Financial Services. INVEST does not provide tax or legal advice.

LifeMark Securities Corp. Privacy Policy

LifeMark Securities Corp. DOL Best Interest Disclosure

Important Consumer Information:

This site is for informational purposes only and is not intended to be a solicitation or offering of any security and;

1. Representatives of a broker-dealer ("BD") or investment advisor ("IA") may only conduct business in a state if the representatives and the BD or IA they represent (a) satisfy the qualification requirements of, and are approved to do business by, the state; or (b) are excluded or exempted from the state's licensure requirements.

2. Representatives of a BD or IA are deemed to conduct business in a state to the extent that they provide individualized responses to investor inquiries that involve (a) affecting, or attempting to affect, transactions in securities; or (b) rendering personalized investment advice for compensation.

TaxMaster Financial Services Corporation's continuing mission is to serve you by providing the highest level of expertise and professionalism possible.

Learn More about our services
Copyright 2012 TaxMaster Financial Services Corporation | Sitemap | Site by Business Breakthroughs International with Tony Robbins - Website Division