Newsletters

IRS Extends More Tax Deadlines to July 15th

In an additional effort to help Americans combat the COVID-19 pandemic, the IRS has expanded relief and extended even more tax filing and payment deadlines to July 15. There are more than 300 deadlines for various returns and payments postponed. The extensions generally apply to all taxpayers that have a payment deadline falling on or after April 1, 2020, and before July 15, 2020, including fiscal year and extended returns. Important highlights of this relief include: 2020 second quarter estimated income tax payments for individuals, trusts, corporations, and nonprofits Individual…

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Tax Filing Reminders

July 15th due date The following tax returns and payments with original or extended due dates on or after April 1, 2020, and prior to July 15, 2020 have been automatically extended to July 15, 2020. 2019 individual income tax returns 2019 gift tax returns Corporation income tax returns Partnership income tax returns Fiduciary income tax returns Exempt organization Forms 990, 990-EZ, 990-N and 990-T Private Foundation Form 990-PF 2019 Forms 990-T for retirement plans and IRAs Form 5500 series First installment of 2020 estimated tax Second installment of 2020…

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Getting Connected

Remote options for communicating and transferring files are more important than ever these days. Stanfield + O’Dell wants our clients to be aware of the options available, to ensure you receive the service that you expect without having to leave the comfort of your home. FILE TRANSFERS Documents can be sent and received electronically through our secure Portal. Portal is a simple and easy-to-use web application that facilitates secure file transfers and continued access between you and Stanfield +O’Dell. Whether you want to locate last year’s tax return or need to…

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CARES Act – Individual Benefits

On March 27th, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law to provide relief for businesses, employers, and individuals affected by the COVID-19 pandemic and economic downturn. This article will cover a list of topics about the tax-related provisions of the CARES Act for individuals. Recovery rebates for individuals Waiver of 10% early distribution penalty Waiver of required minimum distribution (RMD) rules Retirement Plan Loans Charitable deduction liberalizations Exclusion for employer payments of student loans Recovery Rebates for Individuals To help individuals stay afloat…

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CARES Act – Business Relief

On March 27th , the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law to provide relief for businesses, employers, and individuals affected by the COVID-19 pandemic and economic downturn. This article will cover a list of topics about the tax-related provisions of the CARES Act for businesses. Employee retention credit Payroll and self-employment tax payment delay Pension funding delay Temporary repeal of taxable income limit for NOLs Acceleration of corporate AMT liability credit Interest expense deduction temporarily increased Modification of limitation on losses for non-corporate…

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