Posted on 03/11/2020 11:55:41 AM PDT by 11th_VA
The Trump administration plans to delay the April 15 tax deadline for most individual taxpayers as well as small businesses as part of an effort to mitigate the effects of the spread of the novel coronavirus, Treasury Secretary Steven Mnuchin said Wednesday.
Mr. Mnuchin said the delay would apply to virtually all Americans, other than the super rich, and said officials would likely announce a decision quickly...
(Excerpt) Read more at wsj.com ...
I have a decent size corp tax bill due April 15th. I have a small business and phones have gotten real quiet. Something like this would help me tremendously.
What about 2020 quarterlies that are due on the 15th? That would really be nice.
I have to subscribe to the WSJ to read the f’n article?!
It is trivial to get out of that.
Just don't send them any money. You will have to pay it all on April 15, but there is only a small penalty which amounts to the interest in the money for the time you didn't pay it.
Most years my stock market gains way outpace the "penalty" -- free money. Of course some years I get zapped. But overall it is a net gain. A low interest loan from Uncle.
I prepare taxes, and I figured this would happen.
Helps to relieve stress
As someone who Self Prepares with a family, I have already filed and received my refund about a month ago. For both Fed and State.
If Trump hasnt thought of that, he should have.
Now that...
Yep so its pretty meaningless because since you have to do your State taxes youll do your Fed at the same time.
Does this mean they will take their sweet time getting us our REFUNDS?
Can I get the check I sent in BACK?
I don’t know why they are all excited about a payroll tax holiday. I think federal loans for impacted businesses would be a good idea, and a way to pay people who have to quarantine because of the virus.
Dumping a bunch of money into the laps of everybody currently working sounds nice, but I don’t see it fixing the economy from the coronavirus scare. I mean, the biggest thing people are worried about is not being able to work, and if you can’t work, a payroll tax holiday is useless.
While people who are busy dealing with a virus will no doubt like to delay filing, it doesn’t help the economy. Most people get refunds, so not filing just keeps them from getting their money. I guess it helps people who owe money, if they don’t have to pay interest or penalties.
Oh...hummm....So how much money are you talking about?
Reply privately ..if you want to.
Exactly.
Nah - October 15 more likely . . . POW!
Bad news for ALL of the bricks&mortar tax preparers. Either ignore the procrastinating preparers OR keep the seasonal preparers on duty until ...? As one of these preparers, I have no idea how this will work out in the end. We, at H&R Block have a totally non-personal tax prep over the internet. No touching means no danger from contagion. Yet there is still a knowledgable, caring preparer, known by name, at the other end to do your taxes.
Yeah. I do think so. Only 3 years ago, I forgot to file my taxes and didnt even do the letter for delay, and just filed around October. 3 years later, and not one “hey idiot, you were late, we’ll penalize you!” letter from the irs..
For small business owners who do a lot of their own accounting, and (like me) their own taxes, this puts off a huge paperwork burden & worry.
I’d think we’d still have to make quarterly estimated tax payments, however.
If you are like me and your CPA is swamped during tax season and an extension has to be filed, to keep the wolfs away from the door, if you take your data to him after 2nd week of January.
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