Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

a medical face mask and letters spelling, "Don't Panic," on top of a pink corkboard; image used for blog post about COVID-19 Tax Relief for Individuals

Taxpayers can also defer making federal income tax payments, which are due on April 15, 2020, until July 15, 2020, without penalties and interest, regardless of the amount they owe. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. They can also defer their initial quarterly estimated federal income tax payments for the 2020 tax year (including any self-employment tax) from the normal April 15 deadline until July 15.

No forms to file
Taxpayers don’t need to file any additional forms to qualify for the automatic federal tax filing and payment relief to July 15. However, individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868. Businesses who need additional time must file Form 7004. Contact us if you need assistance filing these forms.
Continue Reading Individuals Get Coronavirus (COVID-19) Tax and Other Relief

On Tuesday, September 17, 2019, Tropical Storm Imelda made landfall in Texas. Over the course of a few days, several cities in the Gulf Coast region endured heavy rain, which left various areas, streets and highways underwater. The PKF Texas office and our team members were safe, however, other Texans unfortunately were impacted by Imelda.

Here are some of the key tax deadlines affecting businesses and other employers during the fourth quarter of 2019.

Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

October 15
If a calendar-year C corporation that filed an automatic six-month extension:

  • File a 2018 income tax

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16.

open calendar book to emphasize importance of September 16 tax deadline

Even if you do have some withholding from paychecks or payments you receive, you may still have to make estimated payments if you receive other types of income, such as Social Security, prizes, rent, interest and dividends.


Continue Reading Are You Ready for September 16 Tax Deadline?

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018 return. Or you can contribute to a Roth IRA and avoid paying taxes on future withdrawals.

You can potentially make a contribution of up to $5,500 (or $6,500 if you were age 50 or older as of December 31, 2018). If you’re married, your spouse can potentially do the same, thereby doubling your tax benefits.

The deadline for 2018 traditional and Roth contributions for most taxpayers is April 15, 2019 (April 17 for those in Maine and Massachusetts).

There are some ground rules.
Continue Reading It’s Not Too Late to Make a Deductible IRA Contribution for 2018

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

October 15

  • If a calendar-year C corporation that filed an automatic six-month extension:
  • File a 2017 income tax