Tax Season 2020 Changes

 

Many changes have taken place during the current tax season.  The IRS and state taxing agencies are working to accommodate the impact that the COVID-19 outbreak has had on both taxpayers and tax preparers.  The latest news is that the filing deadline has been extended to July 15, which matches the extended payment deadline announced last week.  Like the payment extension, the filing extension is automatic.  It requires no action on the part of any taxpayer or preparer.

The facts as they stand now are:

  • The deadline for filing 2019 federal tax returns in July 15, 2020.

  • The deadline for paying tax due on 2019 federal returns is July 15, 2020.

  • The deadline for making estimated payments for the first quarter of 2020 is July 15, 2020.

The state of Iowa has followed the federal government and has made changes as well:

  • The deadline for filing 2019 Iowa tax returns is July 31, 2020.

  • The deadline for paying tax due on 2019 Iowa tax returns is July 31, 2020.

Please note that Iowa has made no changes to the due date for estimated payments for the first quarter of 2020.  That deadline remains April 30, 2020.

Other states may be extending deadlines as well.  Check with your state’s taxing agency for updates.

Deadlines that have not changed include:

  • The deadline to contribute to a Traditional or Roth IRA (for 2019) remains April 15,

  • The deadline to contribute to a Health Savings (for 2019) remains April 15, and

  • The deadline for contributing to a SEP IRA (for 2019) remains the due date of your tax return (which is extendable, but only if you file an extension - it is not affected by the automatic extensions).

We’ll continue to prepare and file tax returns as long as we are able to come into the office.  We’ve set up remote options to minimize contact, so Carrie can prepare and file your returns while you remain at a safe social distance.

We appreciate your patience as we all adapt to the ever-changing situation.





 



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  • The
         deadline for filing 2019 federal tax returns in July 15, 2020.


  • The
         deadline for paying tax due on 2019 federal returns is July 15, 2020.


  • The
         deadline for making estimated payments for the first quarter of 2020 is
         July 15, 2020.




 





 





 

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