IRS Tax Filing and Payment Updates

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We would like to provide a quick reminder that the IRS has extended tax filing and payment deadlines from April 15^th to July 15^th. The IRS has provided a helpful question and answer page at  https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

Highlights of the Q&A include:

1. A listing of tax forms for which filing and payment of Federal income taxes are postponed. They are:

• Form 1040, 1040-SR, 1040-NR, 1040-NR-EZ, 1040-PR, 1040-SS
• Form 1041, 1041-N, 1041-QFT
• Form 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 1120-POL, 1120-REIT, 1120-RIC, 1120-SF
• Form 8960
• Form 8991
  
  
1. Clarification of estimated tax payments—“Second quarter estimated 2020 payments are still due on June 15, 2020. First quarter 2020 estimated income tax payments are postponed from April 15 to July 15, 2020.”
2. Guidance with respect to IRA contributions—“Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020.”

As for state income tax returns, Pennsylvania has matched the federal government’s 3 month postponement and has extended the due date for personal income tax returns to July 15^th. 1^st quarter estimated tax payments are delayed as well until July 15^th. Details can be found at https://www.media.pa.gov/Pages/Revenue-Details.aspx?newsid=307. The deadline for local earned income tax filings in Pennsylvania has also been pushed back to July 15^th, as noted at https://www.keystonecollects.com/page/News_article73.

While most states have extended their income tax deadlines until July 15^th, a few have not, so if you are not from Pennsylvania you should verify the correct deadline by checking your appropriate state website.

Finally, although you can delay submitting taxes until July 15^th, if you are due a refund it likely would benefit you to file taxes sooner, as you would get your refund sooner.

Be well and stay well.

This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument or investment strategy.  This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice.  Any references to future returns are not promises - or even estimates - of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation for a specific investment. Past performance is not a guarantee of future results.

Advisory services offered through JMS Capital Group Wealth Services LLC, a Registered-Investment Advisor.