Category Archives: Blog

Retirement contributions and other items impacted by the tax deadline change Now that the IRS has formally changed the 2020 tax filing deadline from the typical April 15th to July 15th, we want to address other items that are impacted by this change in date. 2019 Balance Dues All taxpayers (including individuals, trusts, estates, corporation…

Filing Due Date – The filing due date for Form 1040 (individual tax return) is April 15, 2020. Alimony – Effective January 1, 2019, alimony or separation maintenance payments are no longer deductible by the payor, nor includible in the income of the payee. This change does not impact divorce or separation agreements entered into…

Due Dates of Business Tax Returns – The filing date for Form 1065 (Partnership return) was revised in 2016. The new filing deadline for 2019 Form 1065 is March 16, 2020. With this change, both Form 1065 and Form 1120S (S Corp return) will be due on March 16th. Additionally, Form 1120 (C Corp return)…

Now is a good time to take a careful look at what has changed within the tax laws. Here are some of the many considerations that taxpayers should be aware of for 2019 and 2020. 2020 PAYROLL ITEMS Social Security Wages – Social Security wages for 2020 increases to $137,700, an increase of $4,800 from…