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WELCOME EVERYONE
Admin • Jan 12, 2015
Welcome to the website of Colasanti & Iurato LLP. We hope you enjoy the information available through our website. Please let us know if there are any topics you would like to read about. Thank you for visiting.
The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date has been extended from April 15, 2020 to July 15, 2020 for all taxpayers. Included are individuals, trusts, corporations, estates and other non-corporate tax filers. Taxpayers can also defer, without penalties or interest the payment of federal income taxes due regardless of the amount owed to July 15, 2020. Taxpayers needing additional time to file may also request an extension to October 15, 2020 by July 15, 2020. However all taxes due would be required to be paid by July 15, 2020. The extension of additional time is solely for the purpose of filing your tax return and does not extend the time to pay your taxes. At this time there is no indication that penalties and interest would be waived for those opting to file their tax returns by October 15, 2020. The extended filing due date does not require the filing of any form to qualify for the extension. New York State has also moved the deadline to file state income tax returns and tax payments to July 15, 2020. New Jersey has extended the tax filing deadline for state income tax returns and tax payments to July 15, 2020. Connecticut announced that it will align with the Federal governments deadline for filing state income tax returns to July 15, 2020. The filing deadline also applies to estimated income tax payments for the first and second quarters of 2020.
On behalf of Colasanti & Iurato LLP we sincerely hope that you and your families are well during the ongoing COVID-19 situation. Given the rapidly changing situation, we are closely monitoring developments, and will continue adjusting its approach in the best interests of our firm and our clients. The firm remains fully operational, with our staff having the ability to work remotely, when necessary, without interruption during the extraordinary events unfolding in Westchester and Putnam counties, across the state and country. Our offices are continuing to support clients with real-time access and staffing of matters as part of the firm’s business continuity plan. To date, none of the employees in our firm has exhibited symptoms or needed to be tested for COVID-19. In an abundance of caution the firm has taken measures in adherence with CDC guidelines. We have increased the frequency of cleaning and disinfecting of our offices and the firm continues to implement social distancing measures previously adopted. The Coronavirus outbreak is disrupting business-as-usual for companies around the world and here in New York. Our highest priority at Colasanti & Iurato LLP. is the health, safety, and well-being of our employees, clients, vendors, and those we come in contact with. For further guidance, please contact the CDC and Westchester County Department of Health which can be reached at 211 and 1-866-588-0195 respectively. The firm extends its sincerest wishes for your health and welfare.
We would like to take this opportunity to thank you for supporting our Mahopac office since January 1, 2016. Jennifer Garcia, CPA and staff are always available to discuss your business and individual needs along with staff of our White Plains office. There is a collective 50+ years of experience between Bill, Glen and Jennifer with a wealth of knowledge that will continue to serve an ever-increasing range of individual and business clients and industries. Our capabilities have expanded and we encourage you to inquire about how our services can benefit you. TO BETTER SERVE our clients located in Northern Westchester & Putnam Counties: You may contact us here: 854 Route 6, Mahopac, NY 10541 Phone: 845.628.8500 | Fax: 845.628.8998
Highlights:
The age for mandatory IRA distributions has increased from age 70 1/2 to age 72 for those turning 70 1/2 after December 31, 2019.
The maximum age for IRA contributions of age 70 has been eliminated. Contributions to an IRA can continue for an individual as long as the they are working.
Penalty free withdrawals for expenses of qualified births and adoptions up to $5000.00 per individual are available. For example each parent may withdraw up to the limit for a total of $10,000.00 penalty free.
529 education savings accounts have been expended to include home schooling, private and elementary, secondary and religious schools. Distributions up to $10,000.00 can also be used to pay for student loans.
We sincerely hope that you had a wonderful holiday season and wish you a happy, healthy, and prosperous New Year. Tax filing season 2020 is upon us and as always it would be our pleasure to assist you with the preparation of your personal and business income tax returns. Appointments may be scheduled by contacting our office as soon as possible in order to ensure a date and time that is suitable for you. Tax appointment days are typically on Tuesdays, Thursdays and Saturdays. However if it is more convenient, you can mail your tax information and consult with us by telephone or e-mail. Also let us know if you would like a tax season organizer which may help you collect your 2019 tax information. In addition, a gentle reminder, payment for services would be appreciated at the time of your appointment or prior to your receipt of your tax returns. In conclusion, we thank you for your patronage and referrals over the past years. We appreciate the confidence you have in us to be able to tell your family and friends about our firm. Should you have any questions, please do not hesitate to contact us at your convenience. We look forward to hearing from you. Colasanti & Iurato LLP
S-Corporation income tax returns (Forms 1120-S) First deadline is March 15, 2020 (for corporations on a calendar year) Extended deadline is September 15, 2020 Partnership income tax returns (Forms 1065 ) First deadline is March 15, 2020 Extended deadline is September 15, 2020 C-Corporation income tax returns (IRS Forms 1120) July 15, 2020 for C-corporations on a calendar year REVISED PER INTERNAL REVENUE SERVICE MARCH 20, 2020 Extended deadline is October 15, 2020 The deadline for C-corp returns is the 15th day of the fourth month following the end of the corporation’s fiscal year if the corporation is on a fiscal rather than a calendar year. The exception is corporations with a fiscal year from July 1 to June 30. In this case, the first deadline remains Sept. 15, the 15th day of the third month following the end of the fiscal year. The extended deadline remains Feb. 15, or five months after the first deadline, through fiscal years ending June 30, 2026. Estimated tax payments (IRS Form 1040-ES) April 15, 2020 EXTENDED TO JULY 15, 2020 June 15, 2020 EXTENDED TO JULY 15, 2020 September 15, 2020 January 15, 2021 Foreign bank account reports (IRS Fin-Cen Form 114) July 15, 2020, without extensions. Deadlines for July 15, 2020 Deadline to file individual tax returns (Form 1040, 1040A, or 1040EZ) for the year 2019 or to request an automatic extension (Form 4868). An extension provides an extra three months to file your return. Payment of the tax is still due by July 15. You can submit payment for tax along with the extension form Last day to make a contribution to traditional IRA, Roth IRA, Health Savings Account, SEP-IRA or solo 401(k) for the 2019 tax year. You have until Oct. 15 to fund a SEP-IRA or solo 401(k) if you obtain an extension 1st quarter estimated tax payments due for the 2020 tax year EXTENDED TO JULY 15, 2020 Final deadline to file an original tax return (Form 1040) for tax year 2016 and still claim a tax refund, as refunds expire three years from the original due date of the tax return Final deadline to file amended tax return (Form 1040X) for tax year 2016 and still claim a tax refund. (Be sure to mail the amended return well before April 15th to make sure your tax refund will be processed in a timely manner. And be sure to obtain proof of mailing, such as a certified mail with return receipt). Deadline to file estate income tax or trust income tax returns (Form 1041) or to request an automatic 5-month extension of time to file (Form 7004) Final deadline for estates, trusts, or partnerships to file an amended tax return and still claim a tax refund for the year 2016 . Refunds expire three years from the original due date of the tax return. As always, Colasanti & Iurato LLP will be contacting you well before any deadlines to get time-sensitive paperwork together. Check back on our website for a future list of all tax deadlines for 2020 and beyond!