The IRS recently released answers to some commonly asked questions about the tax relief provisions designed to help taxpayers and investors dealing with economic fallout from the COVID-19 pandemic.
Specifically, the IRS moved its deadline to file 2019 federal income tax returns, pay any outstanding balance, and fund an IRA from April 15, 2020, to July 15, 2020. This extension comes as part of relief measures designed to help taxpayers dealing with economic fallout from the COVID-19 pandemic.
Of course, when it comes to taxes, the rules tend to get complicated quickly. So, we distilled all the changes introduced over the past few weeks into a brief easy to understand Q&A, now updated to reflect how the latest information and guidance from the IRS will affect your tax plans.
Click the button below to see the details of the extension and as always, if you have any questions or concerns, please do not hesitate to reach out to us.