LUTZ BUSINESS INSIGHTS
u.s. tax filing deadline extended to july 15th
Acting on President Donald Trump’s direction, Secretary Steven Mnuchin announced that the April 15th tax filing deadline will be extended to July 15th. This gives all taxpayers and businesses three extra months to file and make payments without interest or penalties.
This extension applies to federal income tax only. It is up to each state to declare their individual state income tax deadlines.
- Nebraska has extended both filing and payment deadlines to July 15th but has stated that there is no extension on 2020 estimated payments.
- Iowa has extended both filing and payment deadlines to July 31st but has stated that there is no extension on 2020 estimated payments.
The tax payment extension applies to federal tax due with 2019 tax returns, plus 2020 first-quarter tax payments for an aggregate amount due of up to $1 million for individuals and trusts ($10 million for C corporations). Any tax due in excess of these aggregate amounts is due on the normal due date and is not extended.
We are monitoring the situation closely and will send communication as updates arise. Please note, we are recommending you file by April 15th if you are able and/or expecting a refund. If you opt to defer your tax payments until July 15th, we still recommend you file before April 15th, and pay the tax by July 15th.
Please see the below links to the IRS website with more detailed guidance:
As we get ready to roll into July, it’s hard to believe we are already at the midpoint of 2020. It has been a tale of two quarters so far this year, as one of history’s most vicious selloffs stopped on a dime and transitioned into a record-setting…
If your business provides estimates to customers, you can improve your chances of a sale if you follow these five suggestions…
Before your new business even makes its first sale, you need to know how you’re going to meet your accounting needs. You should select a system that will suit you in the early days of your venture and will also allow you to handle growth…
SIGN UP FOR OUR NEWSLETTERS!
We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.
13616 California Street, Suite 300
Omaha, NE 68154
747 N Burlington Avenue, Suite 401
Hastings, NE 68901