Dear Valued Client,
Like many of you, we will remember the year 2020 as a life changing and life taking year that has affected the world.
2020 will also bring as much change to the tax laws and procedures since 2008 when our economy was on verge of collapse.
We have tried to wait as long as we thought we should to inform you of some of those changes.
The combination of a health pandemic and the economy, hurricanes, and the collapse has brought focus to issues like:
- How would unemployment be treated? Taxable or nontaxable?
- How will my storm losses be handled?
- Can I use my retirement money to recover without penalty?
- Can I take my working from home and job-related expenses?
To name a few, we have attached some of the areas that affect our client base.
In addition, see below the important due dates that can save you from IRS penalties.
***IMPORTANT DUE DATES TO REMEMBER***
March 15th— 1065(Partnerships) and 1120S(S-Corporations) returns are due. Also, extension to file return late is due.
April 15th— 1040(Personal) Series and 1120(Corporations) returns are due. Also, extension to file 1040’s and 1120 are due.
May 15th— 990(Non-Profit) returns are due. Also, extension to file return late is due.
September 15th— 1120S(S-Corporations) and 1065(Partnerships) returns that filed for extensions are due.
October 15th— 1040(Personal) Series and 1120(Corporations) returns that filed for extensions are due.
November 15th— 990(Non-Profit) returns with extensions are due.
Remember, the extension does not relieve you of penalties and interest associated with tax liabilities. They only relieve you from failure to file penalties and interest. Payments are due on the original due date. If you think you will owe you should make an estimated tax payment before the due date.
The IRS is penalizing businesses for returns that are not filed on time or past the extension deadline. They will abate the penalties one time. After that you must show reasonable cause as to why your return was not filed in a timely manner.
IF YOU REQUIRE AN EXTENSION, YOU MUST CONTACT OUR OFFICE AT LEAST TWO BUSINESS DAYS BEFORE THE EXTENSION DUE DATE IN ORDER TO ENSURE YOUR EXTENSION HAS BEEN FILED AND ACCEPTED BY THE IRS.
Please call our office at 504-367-3554 to schedule your appointment soon.
2020 Tax Letter