Springtime in Washington DC is a truly magical experience, especially when the cherry blossoms bloom in all their resplendent glory. However, amidst the beauty of nature, tax season can cast a shadow over our lives, bombarding us with a deluge of IRS and Government information. As we wade through this tax-related flood, I aim to be a beacon of guidance for you, dear reader. So, brace yourself, for this blog post is your lifeline in navigating the taxing waters ahead.
Navigating the Extended Deadlines:
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Estimates: Your 1st and 2nd Quarter estimates, originally due on April 15th, now have a revised deadline of July 15th, offering you flexibility without fear of added interest or penalties. It’s essential to be mindful of differing state regulations for estimates.
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Taxpayer Living Abroad: If you reside abroad and were facing a deadline of June 15th for your US tax return, you now have until July 15th, 2020, to file.
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Foreign Information Returns/ Forms: The IRS has extended the deadline for all foreign income information forms such as Forms 3520, 5471, 8938, and more to be filed along with your tax return by July 15th, 2020.
- S Corporations and Partnerships: If you missed the March 16th, 2020 deadline for these entities, ensure you file an extension for a new deadline set for September 15th, 2020.
Insights Into Stimulus Check Payments:
Unraveling the intricacies of the stimulus check payment process:
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Non-Filers: If you didn’t meet the filing threshold in 2018 or 2019, register your bank details on the Non-Filers link provided by the IRS to receive your stimulus check.
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Filed Tax Returns in 2018/2019: Check the IRS portal "Get My Payment" to track your stimulus check status, especially if you haven’t received it yet.
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Taxpayers Living Abroad: Those abroad should file their tax returns promptly as their eligibility for stimulus checks largely relies on this action.
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Taxpayers on Immigrant Visas, SSN’s and ITIN’s: Ensure your residency status and social security number align with regulations for stimulus check eligibility.
- Dependents Over 17 Years Old or Parents Claimed As Dependents: Those in this category may be ineligible for stimulus checks; however, an advance credit provision for 2020 taxes exists as an alternative.
In Conclusion:
While the cherry blossoms may remind us of nature’s beauty, the tax season’s challenges beckon us to stay informed and proactive. Do not hesitate to seek professional advice or contact our office for concerns regarding taxes, for a well-informed taxpayer is an empowered one. Let us navigate this taxing season with resilience and resourcefulness.
