Tax Day 2020

Friday, August 28, 2020

Tax day always is one of those due dates that we always know is coming, yet always seems to sneak up on many people. It’s easy to put it on the back burner and let it surprise you, and this year it can feel even more elusive! With a 90-day push-back of the due date, it was a relief to everyone struggling to adjust and roll with the adverse situation that we have found ourselves in. Now the date has finally come and income taxes are due in Colorado!

There are always many obstacles to navigate when dealing with filing income taxes and returns. With various penalties, deadlines, and requirements to be met, it’s no wonder that many people try and put it off until it’s absolutely necessary. This year, 2019 income taxes are due today—July 15. If you have filed for an extension for 2019, the same deadline applies. If you have applied for an extension this year (2020), it would be wise to avoid putting it off until the end of the extension. Consider a consultation with a CPA to find out the best approach to getting your taxes squared up before the extension is up!

IRA Distributions

Another deadline that was pushed back to today is the 2019 contribution to traditional and Roth IRA accounts. It is also important to note that the CARES act waives most RMDs (required minimum distributions) for 2019 if it was the account’s first year and had not been filed before the 2020 due date already. The RMD for 2020 has also been waived. The deadline for filing tax returns has been pushed back to October 15.

These are a few of the steps taken to by state and federal government to help taxpayers and business owners cope with all of the financial stress brought on by COVID-19, and with all of these changes sinking in, now is a great time to consult a CPA and find out where you and your business stand. Have you tied up your loose ends? Call Geyer & Associates today to find out how to keep yourself in good standing with the IRS and avoid costly penalties!