The tax filing and payment deadline for your 2019 taxes has been extended to July 15. It may still make sense to file your 2019 taxes sooner if it enhances your ability to qualify for the direct payment or receive it via direct deposit. Estimated tax payments due on April 15 for 2020 are also extended to July 15. The June 15 estimated tax payments are still due on June 15. Here’s an FAQ on these deadlines on the IRS website.
Last Friday, the CARES Act was approved by Congress and signed into law. We recently sent a letter to our clients to provide the highlights of some of the most significant changes for individuals as well as an overview on the mechanics of eligibility and the tax impact of the payments for individuals. If you would like to receive a electronic copy of the information provided to clients, please contact our team at [email protected] with the subject line: CARES Act email.
If you have any questions on the how any of these changes or others affect your situation, please feel free to give any of us a call at 817-993-0401.