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I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.
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Because the COVID-19 pandemic has shut down so many businesses, the IRS postponed the filing and payment dates for returns and payments to July 15, 2020.
What does all this mean to you?
For starters, you’ll need to learn who qualifies for relief, exactly what the IRS has postponed, and, perhaps more important, what hasn’t been postponed.
To file or not to file? That is the question.
We’ll answer this question and provide a lot more information when you read my new article titled Tax Tips: COVID-19: Tax Season Delayed Until July 15—Wait or File Now?
Three ways our fact-filled article can help you:
- We’ll tell you if you qualify for postponement. First of all, you must have a tax return that’s due before July 15, 2020. In general, there are four returns due before that date. You’ll learn what they are when you read the full article.
- We’ll tell you what to do if you need additional time to file. If you qualify for filing your tax returns on July 15, 2020, you do not have to file for an extension on Form 4868 or Form 7004 for a postponement to July 15. It’s granted automatically. You’ll get the whole story when you read the full article.
- We’ll provide you with other important information as well. Here’s just some of what we’ll cover:
- What to do if you’re running a partnership or S corporation
- How to handle IRA, HSA, and retirement-plan payments
- Full details about the complex tax-payment deadlines
- And much more!
All will be explained when you read the full article
COVID-19: Tax Season Delayed Until July 15—Wait or File Now?