Tax Deadline Changes and Resources
Dear Clients and Friends,
As this week comes to an end, we wanted to reach out with some news and resources.
Today, the IRS announced an extension of the tax filing deadline of April 15 to July 15 to provide more time for people to prepare and pay their 2019 tax liability. Tax payments due will not be subject to interest or penalties as a result of the extended date. Any taxpayer expecting a refund may file sooner to get their money. More guidance is expected shortly, such as if the previously announced payment deferral limits ($1 million for individuals and $10 million for corporations) still apply, and how this change impacts quarterly estimated tax payments for 2020. Please note these changes only apply to federal tax returns; states and local municipalities may vary. We will provide more details when the IRS guidance is released.
Like you, we have been bombarded with resources and information from various places and it can be difficult to sort through what is useful. Last week, Dimensional Fund Advisors (DFA) hosted a webcast to discuss the recent volatility in the financial markets and provide perspectives on these events, which aligns with our long-term investment philosophy. To view the video, go to https://www.mydimensional.com/video/26997/perspective-on-recent-market-volatility. You are welcome to share the link with your family and friends.
Congress is still hammering out the details of the forthcoming stimulus package and we will send information as it is finalized.
Finally, we know how stressful these times can be for you and your family. We continue to be here for you (albeit from many different central Ohio locations) and hope you are in good health and spirits.