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We keep you up to date on the latest tax changes and news in the industry.

April 2020 Individual Due Dates

April 1 - Last Day to Withdraw Required Minimum Distribution

Last day to withdraw 2019’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2019. Failing to make a timely withdrawal may result in a penalty equal to 50% of the amount that should have been withdrawn. Taxpayers who became 70½ before 2019 were required to make their 2019 IRA withdrawal by December 31, 2019.

April 10 -  Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than April 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

April 15 - Taxpayers with Foreign Financial Interests

A U.S. citizen or resident, or a person doing business in the United States, who has a financial interest in or signature or other authority over any foreign financial accounts (bank, securities or other types of financial accounts), in a foreign country, is required to file Form FinCEN 114. The form must be filed electronically; paper forms are not allowed. The form must be filed with the Treasury Department (not the IRS) no later than April 15, 2020 for 2019. An extension of time to file of up to 6 months is automatically allowed. This filing requirement applies only if the aggregate value of these financial accounts exceeds $10,000 at any time during 2019. Contact our office for additional information and assistance filing the form. 

April 15 - The Normal April 15 Tax Filing Due Date has been Extended to July 15, 2020 due to the COVID-19 Outbreak.

This includes the following:
  • Individual 2019 tax returns, 1040 and 1040-SR, and associated tax payments

  • April installment of 2020 estimated tax payments

  • Household employer Schedule H

  • Calendar year 2019 C corporation income tax returns, and associated tax payments

  • Calendar year 2020 C corporation estimated tax payments

  • 2019 fiduciary returns

  • IRA contributions for 2019 would normally be due April 15, 2020. However, the due date has been extended July 15, 2020.  This also applies to HSA and Archer MSA contributions. At this time, it is not.  

 



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