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Your 2019 Tax Filing: Important Updates

Due to COVID-19, there are important changes to 2019 tax filing rules. We know that filing taxes can be stressful, so please email or call us if you or your accountant have any questions. We’ll help you get answers, carefully and accurately, as always.

Markets are volatile and times are unprecedented. Our priority is to reassure and assist clients in any way we can. Here are some of the important tax deadline changes:

Filing & Payment Extensions

  • The 2019 federal filing and payment tax deadline has been extended to July 15, 2020, and all taxpayers and businesses will have this additional time to file and make payments without interest or penalties.

  • Most, but not all, states have also extended their filing deadlines. The American Institute of Certified Public Accountants is detailing all state tax deadline changes here.

  • Many tax preparers continue to do their work. Be sure to consult with your tax professional about the best timing for your tax filing.

  • If you’re expecting a refund, you may want to file sooner, rather than later.

  • If you need even more time to file your tax return, you can still file for an extension with an October 15, 2020 due date.

  • If you have already filed your taxes and owe, nothing needs to be done to avoid interest and penalties beyond making payment by July 15, 2020.

  • If you’ve already scheduled your tax payment for April 15th, there is a process by which you can cancel your payment and reschedule it for July 15. Please consult with your CPA.

Quarterly Estimated Payments

  • 1st  and second quarter payments are now due on July 15, 2020.

2019 Contributions Deadline Extended

  • Normally, IRA contributions for a prior year must be made by April 15thof the following year. For the first time ever, this deadline has been extended to July 15, 2020, and also applies to Health Savings Accounts (HSAs).

  • To make additional contributions to your Traditional or Roth IRA, SEP IRA, Solo-401(k), or Employer Defined Benefit plan for the 2019 tax year, contact TGS to ensure that your contribution is filed correctly.

2020 RMDs Waived

  • Individuals, including beneficiaries, will not be required to take 2020 required minimum distributions (RMDs) from defined contribution plans or IRAs. This waiver also applies to individuals who turned 70½ in 2019 but did not take their RMD before January 1, 2020.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by TGS Financial Advisors), or any non-investment related content, made reference to directly or indirectly in this article will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this article serves as the receipt of, or as a substitute for, personalized investment advice from TGS Financial Advisors. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. TGS Financial Advisors is neither a law firm nor a certified public accounting firm and no portion of this article’s content should be construed as legal or accounting advice. A copy of the TGS Financial Advisors’ current written disclosure statement discussing our advisory services and fees is available upon request.

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