Note These Key 2019 Tax Filing (and Paying) Deadlines

NSTPFiling Dates, Internal Revenue Service (IRS)

Note These Key 2019 Tax Filing and Paying Deadlines

The 2019 tax filing season started on Monday, January 28. That’s when the Internal Revenue Service started accepting and, more importantly, processing tax returns. Mark your calendars for this year’s key filing dates: January 28, 2019: Filing season 2019 begins. If a taxpayer filed early, either using Free File, tax software on their own or with the help of a paid tax preparer, the returns have been on hold and should now be sent and enter the IRS processing system. January 31, 2019: This is the deadline for employers to mail their workers the Forms W-2 and for 1099 forms to be issued with details of contract payments, investment income and retirement plan distributions. Today also is important if a taxpayer did not make their last 2018 tax year estimated tax payment by January 15. If they file the full tax return for the year by January 31 and pay any tax due with the filing, they will avoid any penalty for late payment of the last installment. This is a little less pressing this year, since the IRS has announced it’s granting some underpayment leeway due to confusion created by the changes under the Tax Cuts and Jobs Act. February 15, 2019: For financial institutions, this … Read More

TAX FILING DEADLINE POSTPONED UNTIL JUNE 29 FOR VICTIMS OF HURRICANE MARIA IN PUERTO RICO AND THE VIRGIN ISLANDS

NSTPInternal Revenue Service (IRS)

The IRS has extended tax deadlines for affected individuals and businesses until June 29, 2018, for the following localities: In the U.S. Virgin Islands (starting Sept. 16, 2017): Islands of St. Croix, St. John and St. Thomas. In Puerto Rico (starting Sept. 17, 2017): In any of the 78 municipalities. The disaster relief page on the IRS website has details on the returns, payments and tax-related actions qualifying for the additional time. Following the IRS extension, affected individuals and businesses will have until June 29, 2018, to file their 2017 tax returns and pay any taxes due on those returns. This relief also includes individual estimated tax payments, payroll and excise tax returns, corporate income tax returns originally due or on extension during the relief period and tax-exempt organizations required to file Form 990 series returns with an original deadline falling during this period. This relief also applies to taxpayers who had a valid extension to file their 2016 return that was due to run out on October 16, 2017, and which was already postponed until January 31, 2018. The IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply for 2017 tax returns. The IRS automatically … Read More

IRS REMINDS RETIREES OF APRIL 1 DEADLINE TO TAKE REQUIRED RETIREMENT PLAN DISTRIBUTIONS

NSTPInternal Revenue Service (IRS)

The Internal Revenue Service reminds taxpayers who turned age 70½ during 2017 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Sunday, April 1, 2018. The April 1 deadline applies to all employer-sponsored retirement plans, including profit-sharing plans, 401(k) plans, 403(b) plans and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs, however, they do not apply to ROTH IRAs. The April 1 RMD deadline only applies to the required distribution for the first year. For all subsequent years, including the year in which recipients were paid the first RMD by April 1, the RMD must be made by Dec. 31. A taxpayer who turned 70½ in 2017 and receives the first required distribution (for 2017) on April 1, 2018, for example, must still receive the second RMD by Dec. 31, 2018. Affected taxpayers who turned 70½ during 2017 must figure the RMD for the first year using the life expectancy as of their birthday in 2017 and their account balance on December 31, 2016. The trustee reports the year-end account value to the IRA owner … Read More

MARCH 15 DEADLINE – PARTNERSHIPS AND S CORPS

NSTPDeadline

In 2015, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the Act) was enacted and included a number of tax changes. The key change was to the due date of various business and fiduciary returns in 2017 for 2016 tax returns. The deadline for filing calendar year 2018 partnerships and S corporations is March 15, 2018. These returns must be filed (e-filed or postmarked) by midnight on March 15, 2018. Fiscal year returns will be due the 15th day of the 3rd month following the year-end. Both partnership and S corporation returns are allowed a six-month extension if needed. Payment must accompany the return or extension if there are taxes due. An extension of time to file does not extend the time to pay taxes that are due. The due date for C corporations was also changed and is now due on the 15th day of the 4thmonth. Calendar year returns will be due on April 17, 2018. In 2017 the IRS issued Notice 2017-47 which allowed for relief of those tax returns not filed timely due to the change in the due dates for partnership returns. Such relief is not expected for the 2017 returns due in 2018 and extensions should … Read More

FBARS DUE APRIL 17, 2018, BUT FILERS WHO MISS DEADLINE GET AUTOMATIC 6-MONTH EXTENSION

NSTPUncategorized

FBAR Due Date Clarification The Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department, has posted a clarification to its website regarding the due date of 2017 Reports of Foreign Bank and Financial Accounts (FBARs). While 2017 FBARs are due on April 17, filers who miss this deadline are given an automatic extension until October 15, 2018. Background. U.S. citizens and resident aliens are legally required to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers (i.e., U.S. citizens and resident aliens with worldwide income subject to the reporting rules) will need to fill out and attach Form 1040, Schedule B, Interest and Ordinary Dividends, to their tax return. Part III of Schedule B asks about the existence of foreign accounts, such as bank and securities accounts, and usually requires U.S. citizens to report the country in which each account is located. Certain taxpayers may also have to fill out and attach to their return Form 8938, Statement of Foreign Financial Assets. Generally, U.S. citizens, resident aliens and certain nonresident aliens must report specified foreign financial assets on Form 8938 if the aggregate value of those assets exceeds $50,000 on … Read More