COVID-19 2020 Tax Return Updates Dulin Hassett

This is a crazy time for all of us. As information seems to be changing by the minute, we’ll do our best to provide you with updates as we can.  Here are some recent updates:

  • The deadline to both file your personal 1040 and pay the tax due is July 15th.  The IRS is still processing refunds in a timely manner.
  • Currently, extensions to file Oct 15th  will still be granted if filed and paid by July 15th.
  • If your return has already been filed and the tax due has been scheduled to draft on April 15th, this payment can be canceled by calling the Treasury Dept at 888-353-4537.  You will then need to be certain to either mail in the payment or pay online by July 15th.  If you’d like assistance with this process please feel free to contact us.
  • Your first quarterly estimated payment has been pushed to July 15th.  However, your second quarterly estimated payment is still currently due June 15th.
  • IRA contributions need to be made by July 15th
  • HSA contributions need to be made July 15th
  • On 3/25/2020 at 1:30 am the Senate passed the $2 Trillion Coronavirus stimulus bill.  It still needs the House votes and President Trump’s signature.  While not final, it looks to include:
    • Direct payments to families under certain income thresholds ($75k for single and $150K for joint).  The bill would distribute up to $1200 to individuals, $2400 for couples and $3000 for families.  The payments will be phased out based on income levels.
    • Small businesses will get help as $367 billion is allocated to help with payroll expenses
    • Boosts to unemployment benefits – additional benefits with longer terms
    • Payroll taxes may be deferred to 2021 and 2022
    • $242 billion would be set aside for healthcare and social services
    • $500 billion in loans for big businesses

Working With Dulin Hassett

We’ll do our best to keep you posted on updates as they progress.  And as always our firm is working around the clock to prepare tax returns, file for refunds, provide estimates and assist you in any way that we can during these challenging times.

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