April 2020 Archives

Owe taxes from 2019? Tips to reduce penalties.

Generally, taxpayers who owe from previous tax years can file an amended return and send a check to cover the missed bill. The harm that taxpayer faces depends on the details, but generally equates to a relatively small interest penalty. Unfortunately, in light of current circumstances this generality is unlikely.

IRS extends more tax deadlines

With the country in a time of crisis, the IRS is stepping up, extending more tax deadlines not only for individuals but also companies, trusts, estates, corporations, and others to help provide both individuals and entities with the added time they need to file and make timely payments. Just last month, the IRS had announced that it was extending the filing deadline for federal income taxes until July 15th.

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