Blog Layout
Don’t Wait to File Your 2019 Tax Returns
April 14, 2020
The U.S. government has extended the tax-filing deadline to July 15, 2020 to give taxpayers extra time to file and pay their taxes. Many people currently find themselves working from home and with more time available to dedicate to preparing their materials. It is highly recommended that you send in your materials to file your tax return as soon as possible. With everything going on in the world amid COVID-19, taking tax preparation off your plate will give you one less thing to worry about.
Having extra time to file doesn’t mean you should wait to file your tax returns. Why?
- You may be entitled to a refund, or you may owe money.
The sooner you file, the sooner you will receive your refund. If you are expecting a refund, there is absolutely no reason to wait.
If you owe money, it’s easier to plan for payment now rather than scramble to come up with payment or pay less than you owe at the last minute. The IRS can start a tab for penalties and interest on the amount of unpaid tax. The sooner you know the amount owed, the sooner you can tackle your payment plan. - Not everything due April 15th has been extended.
A false lack of urgency may cause you to miss a filing deadline which can cost you late fees, payment penalties and election opportunities. Check your State Filing Deadlines - Haste Makes Waste.
Tax procrastination can come with a price. When you’re rushed, you are more likely to make mistakes or forget to submit something to your CPA. When businesses and schools reopen, life will certainly become extremely busy again. Take the time now to gather necessary documents and get your tax-return filed, before we return to a fast-paced world. - Avoid Needing to File an Extension.
Waiting until the last minute may result in needing to file an October 15th extension. If everyone waits until July to get their paperwork in order, that creates a scenario where practitioners are looking at an extremely compressed filing period for a high number of clients. To ensure your return is filed on time, please send in your documents ASAP.
MBK remains fully committed to our clients and community during this unprecedented time. If you have any questions, please do not hesitate to reach out directly to your Partner.
This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.
Share Post:
The Corporate Transparency Act (CTA) which took effect on January 1, 2024 required "reporting companies" in the United States to disclose information about their beneficial owners to the Treasury Department's Financial Crimes Enforcement Network (FinCEN). In May 2024, a lawsuit was filed claiming that Congress exceeded its authority under the Constitution in passing the CTA. Background: December 3, 2024 in the Texas Top Cop Shop, Inc., et al. v. Merrick Garland, Attorney General of the United States, et al., Judge Amos Mazzant of the United States District Court (Eastern District of Texas/Sherman Division) issued a preliminary nationwide injunction barring the enforcement of the Corporate Transparency Act (CTA). December 23, 2024 the Nationwide Injunction is lifted and filing deadlines are reinstated. Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) may again enforce the CTA. FinCEN has not extended any filing deadlines. Therefore, all reporting companies should file immediately any beneficial ownership information reports (BOIRs) that were already due, and reporting companies formed prior to 2024 should file their BOIRs by January 13, 2025 (extended from January 1, 2025). December 27, 2024 the federal appeals court on Thursday reinstated a nationwide injuction halting enforcement of beneficial ownership information (BOI) reporting requirements, reversing an order the same court issued earlier this week. FinCEN issued an updated alert on its BOI information page , saying that companies can voluntarily submit BOI reports. February 7, 2025 FinCEN will consider changes to the BOI reporting requirements if a court grants the government's request for a stay of a nationwide injunction in a Texas case, according to a motion filed Wednesday, February 5th. If the stay is granted, FinCEN will extend BOI filing deadlines for 30 days, the government said in its filing in Samantha Smith and Robert Means v. U.S. Department of the Treasury, No. 6:24-CV-336 (E.D. Texas 1/7/25). BOI reporting is currently voluntary, pending further legal developments. Businesses and stakeholders should stay alert for additional updates as the situation evolves. Current Status: February 18, 2025 A federal court lifted the last remaining nationwide injunction stopping BOI reporting requirements. FinCEN which enforces BOI requirements under the CTA said it would extend filing deadline for initial, updated, and/or corrected BOI reports to March 21. However, reporting companies that were previously given a deadline later than March 21 may file their initial BOI report by that later deadline. Resources for consideration: March 21 BOI reporting deadline set; further delay possible BOI Injunction Lifted FinCEN BOI Center
February 7, 2025 FinCEN will consider changes to the BOI reporting requirements if a court grants the government's request for a stay of a nationwide injunction in a Texas case, according to a motion filed Wednesday, February 5th. If the stay is granted, FinCEN will extend BOI filing deadlines for 30 days, the government said in its filing in Samantha Smith and Robert Means v. U.S. Department of the Treasury, No. 6:24-CV-336 (E.D. Texas 1/7/25). BOI reporting is currently voluntary, pending further legal developments. Businesses and stakeholders should stay alert for additional updates as the situation evolves
Some nonprofit executives try to control as much as they can. But micromanagement isn’t conducive to creating an effective team.
