Not Kidding!
Timothy P Lofton
Timothy P Lofton, TV/Radio Host and creator of The Retirement Blueprint™. Our team is dedicated to Helping Individuals and Business Owners navigate to and through retirement. Let us plan your Tomorrow, Today!
If I ask you to guess which was a lie: 1) The Bengals will win the Super Bowl or 2) Taxes are not due this year till July; you would probably be say BOTH! Well here is a hint - I think the Buc's are going to win the Super Bowl in 2021. Check back in a year ...
In an unprecedented move the IRS and Treasury Department just released guidance on deferring IRS tax payments. This provides some clarity to tax preparers and taxpayers as more fallout from the coronavirus continues.
This release of guidance comes a day after Treasury Secretary Steven Mnuchin announced that individuals will be able to defer up to $1 million and corporations will be able to defer up to $10 million for 90 days without penalties and interest.
Specifically, individuals, corporations and the self-employed can defer tax payments due April 15 until July 15. It states that the $1 million limit applies both to single filers and to married couples filing joint returns.
This extension applies to both taxpayers' 2019 taxes due on April 15 as well as federal estimated income tax payments due on that date that pertain to the 2020 tax year.
Please note that the deadline to actually file tax returns has now also been extended to July 15. As is the case every year; people can request 6-month extensions with the IRS to file their returns.
The filing deadline extension is designed to help taxpayers financially and to make sure that people have access to the tax-preparation assistance they need. Tax professionals have been encouraging the extensions for several weeks.
Mnuchin said in a statement that the guidance will help to ensure that "hardworking Americans and businesses have additional liquidity for the next several months.” He also encouraged people to file their returns by April 15 "because many will receive a refund."
This on the heals of the U.S. Small Business Administration approval of the State of Ohio's application to qualify for the Economic Injury Disaster Loans as a result of the COVID-19 pandemic. Small businesses and nonprofits can now apply for up to $2 million in low-interest loans at DisasterLoan.SBA.gov.
Recommended by LinkedIn
You can watch The Retirement Blueprint Show on NBC or by clicking here for previous episodes:
Listen to the Blueprint Radio Hour and Stream on your favorite device and streaming service:
Advisory services are offered through Axim Wealth Management LLC dba Axim Planning & Wealth, an SEC Registered Investment Advisor. Insurance products and services are offered through various companies. Axim Planning & Wealth only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability. Outgoing and incoming emails are electronically archived and subject to review and/or disclosure to someone other than the recipient. Axim Planning & Wealth cannot accept requests for securities transactions or other similar instructions through email. Axim Planning & Wealth cannot ensure the security of information emailed over the Internet, so you should be careful when transmitting confidential information such as account numbers and security holdings. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to this message and deleting it from your computer.
For any questions regarding tax planning or estate planning, please contact an experienced estate or tax planning attorney. The following is for informational purposes only and is not intended as advice. By reading this article you agree to the general nature of the content and any actions taken from this article are based on your own personal decisions and not from information in this article.