In light of current events and potential financial difficulties caused by the COVID-19 outbreak, the Internal Revenue Service (IRS) has postponed the 2019 federal income tax filing and payment deadline until July 15, 2020.
Those who owe payments up to $1,000,000 as individuals or $10,000,000 as a corporation may claim the 90-day delay in payment without interest or penalties.
The contributions deadline for your Individual Retirement Account (IRA) has also been extended for the same time period.
We recommend that you consult your tax, legal, and accounting professionals before modifying your existing tax strategy. While it is our intention to keep you updated on the most recent information, this is not a replacement for real-life tax advice.
Sources:
IRS.gov, March 18, 2020
USA Today, March 17, 2020
CNBC, March 20, 2020
Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.
The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.
Published for the blog on March 29, 2020 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.
