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03-22-2020 11:56 AM - edited 03-22-2020 11:59 AM
DH said the filing and paying date for personal & most other returns extended to July 15th without penalties or interest. However, if expecting possible refund, advising clients to file ASAP since many IRS agents working from home and dept. short of employees. Filing early puts you in line to get refunds sooner than when they become bogged down as months go by.
***If no refund, still no harm in filing as usual. At least you'll be sure the return is received and your responsibility is over.
03-22-2020 11:59 AM
@Shanus ..... They also asked the states to follow with the extension but so far Ohio hasn't done that. Keeping fingers crossed!
03-22-2020 12:01 PM - edited 03-22-2020 12:03 PM
OT...
Did anyone hear that the stimulus checks won't be given to everyone? Only the middle class will get them. But that's not final, it's what I heard on the news about what we might expect. Not final yet.
03-22-2020 12:02 PM
@Shanus That's what I did. Turned in my paperwork to the accountant. I know I will be paying and not receiving money; however, it was just nice to drop it off to him yesterday.
03-22-2020 12:03 PM
@SilleeMee wrote:OT...
Did anyone hear that the stimulus checks won't be given to everyone? Only the middle class will get them. But that's not final, it's what I heard on the news about what we might expect. Not final yet.
What is considered middle class?
03-22-2020 12:05 PM - edited 03-22-2020 12:07 PM
@alicedee wrote:
@SilleeMee wrote:OT...
Did anyone hear that the stimulus checks won't be given to everyone? Only the middle class will get them. But that's not final, it's what I heard on the news about what we might expect. Not final yet.
What is considered middle class?
40K to 70K but I didn't hear if that is combined or not. Also there will be $500 per child given.
I apologize for getting off topic. Maybe we can start another thread. But I'm afraid it might not go well.
03-22-2020 12:13 PM
@SilleeMee Continue on with this topic or related to tax or income topics. They're all related. I was just offering a little free tax info.
03-22-2020 12:21 PM
We filed our 1120S because that was due on the 15th of March. We filed an extension for our personal as we do every year. I believe when you do that you have until October, however if you anticipate owing, you must send a check with your extension paperwork. We wait until we return up north to deal with our taxes as that is where our tax guy is.
03-22-2020 12:22 PM
Yes, the deadline for Federal returns has been extended, but unfortunately the state of Michigan has not yet extended theirs. In order to start the Michigan return, you need to complete the Federal return, so right now we're in a bit of limbo.
03-22-2020 12:27 PM
Within a couple of hours of the Federal announcement, our governor announced the state deadline would be the same as the Federal.
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