On June 29, 2020, the IRS announced that it will not postpone the July 15, 2020 filing due date. As a result, taxpayers must either file their returns or request an extension by July 15. In addition, all tax payments must occur on or before July 15. Tax payments made after July 15 will be subject to penalty and interest. ...
Clients who have previously had their identity stolen for tax-filing purposes are often issued an identity protection personal identification number (“IPPIN”) by the IRS. Once an IPPIN is issued, the IRS will send a letter with an updated IPPIN for each subsequent tax year. (The IPPIN from last year is no longer valid for the current year.) The IPPIN must be entered on all tax return fil...
As discussed in our post on December 30, 2019, the tax law that was enacted on December 20, 2019 retroactively extended the deduction for private mortgage insurance premiums (“PMI”), so the deduction is available for the 2018, 2019 and 2020 tax years. (The deduction had previously expired after 2017, and had not been extended while 2018 tax returns were being prepared.) The deduction is su...
June 11, 2020 Update: On June 11, 2020, New York State issued Notice N-20-8, which indicates that New York State will treat June 15, 2020 as the due date for the first installment for 2020 estimated taxes and will treat July 15, 2020 as the due date for the second installment for 2020 estimated taxes. Unfortunately, this will result in penalties for the late payment of estimated taxes for taxp...
The Treasury Department and the Small Business Administration have announced that they will revise the loan forgiveness form and other guidance for the Payroll Protection Program (“PPP”) to reflect new legislation that was enacted last week. The Payroll Protection Program Flexibility Act of 2020 was enacted on June 5, 2020. The law extends the covered period for the Payroll Protection Prog...
