If you are a tax procrastinator, Coronavirus provided you assistance this year. You now have until July 15th to file and pay your 2019 income taxes (up to $1 million) without obtaining an extension. During this time, you will not incur interest on unpaid taxes or be subject to tax filing penalties. You should certainly speak to your tax professional, but this reprieve amount should also apply to small businesses and pass-through entities.
To assist you in interpreting and understanding the significant changes stemming from the Tax Cuts and Jobs Act, which is still quite new, and to help answer common questions about the 2020 tax season, KTO Law Firm is providing a “tax cheat sheet” for individuals and small businesses. To obtain a copy of our summary explanation, text “tax cheat sheet” to 623.937.8888 or click on the links below.