As we all adjust to remote work and living life in quarantine, our “new normal”, it’s important to keep in mind some of the following:
- The IRS pushed the deadline for filing 2019 taxes, including gift tax returns. The filing date has been extended from April 15th until July 15th, 2020. You do not need to file an extension or take any action if you file by July 15th. In addition, the date for estimated payments for the first quarter has also been extended until July 15th, 2020. Anyone who needs an extension past the July 15th deadline can file a Form 4868 while businesses must file a Form 7004. A 1031 exchange deadline has also been deferred to July 15th
- With Zoom and other platforms being the new normal for work, remember to be extra careful as these services offer minimal security. Do not share sensitive information or private documents. Use a secure host or e-mail for confidential data. Be extra wary of unsolicited e-mails, mail, and ads.
- Take the time to update your filing system. Make sure all those important papers are filed, scanned, and organized. Review your estate plan, including your health care directive and financial power of attorney and ensure that you have pulled together the information your family would need if you became ill. Gather all your paperwork so you will be ready to file your taxes. Review your insurance documents and balance your bank account. Now is also a great time to sit down and conquer a budget.
At Grissom Law, LLC we are interested in how our clients are doing. Please reach out and let us know how you’re doing and if there is anything we can help you with while you are sheltering in place or after things return to normal.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC