Filing date is now extended to July 15, but please note the following

Treasury Secretary Mnuchin announced this morning (March 20, 2020) that the filing date for 2019 individual tax returns has been moved to July 15, 2020. You will not incur penalty or interest if the return is filed and paid by then. It appears that C corporations for calendar year 2019 are included in this announcement. …

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Coronavirus update – March 17, 2020

In a press conference on March 17, 2020, Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their income tax payments for the 2019 filing year for 90 days due to the coronavirus pandemic. During that time, the IRS will not charge interest or penalties. Limitations: Individuals can defer up to $1 million …

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Great career advice

I read a great article in Fortune magazine this morning. (Notes to millennials: “read” is the older generation’s version of “viewed”; “magazine” is the beta version of a web post).  The online version is found here. The short version: (1) Prove you can learn (2) Your best investment is in yourself (3) Never stop learning …

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Penalties and Interest

IRS Penalties and interest – The Very Basics for Individual Taxpayers     Interest is the easiest. For the past several years, the interest rate has been 3%, per annum, compounded daily, for both underpayments and overpayments.   There are three types of penalties most taxpayers will see: Underpayment of estimated tax Failure to file …

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