Federal and state tax relief as outcome of the pandemic

Looks like IRA contribution deadlines will extend together with the federal return filing deadline.

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Link to the FAQs: Filing and Payment Deadlines Questions and Answers | Internal Revenue Service

An FAQ interpreting a Notice is not authority I would prefer to be relying on in asserting a position, especially one that requires the IRS to specifically extend a deadline. My advice, if your cash flow is solid, would be to make the contribution by the original deadline.

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NY matching the Feds with an auto extension til July 15th and no interest for the time from April til the new July due date.

Other states are starting to do this also, so check yours if you’re interested. Or if you’re due a refund, don’t wait and file now!

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If Silver is still running the state assembly, this is probably hurting him more than Covid-19 ever could. :laughing:

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Somone tell me if I’m wrong, but I thought The Fed was short for the Federal Reserve, not the federal government.

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Yes, typo and fixed,

Posted that back on 23 March. It took them a long while. But the IRS finally got 'round to addressing this matter specifically and directly:

Besides the April 15 estimated tax payment previously extended, today’s notice also extends relief to estimated tax payments due June 15, 2020. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.

There is also a bunch of other stuff covered in this official IRS announcement:

Better late than never. IRS finally gets 'round to addressing some matters officially.

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