Following is guidance put out this evening from the IRS regarding the stimulus payments. Note, despite prior indications, everyone will be required to file a tax return to receive the stimulus payment (see the 4th question). Stay tuned for further developments. Economic impact payments: What you need to knowCheck IRS.gov for the latest information: No […]
Category: Taxes 2013
2020 Spring Client Newsletter
Dear Client We are providing this special edition of Tax News to try and make sense of the recent actions and legislation that have been put into place. Almost daily we have been seeing new announcements and new legislation being offered by both Congress and the Internal Revenue Service (IRS). We are providing information on […]
Update from the Taxation and Revenue Department
The Taxation and Revenue Department (TRD) will not impose a late-filing and late-payment penalty associated with the return filing and payments set forth below: • New Mexico personal income tax returns and payments due between April 15, 2020 and July 15, 2020 may be submitted without penalty no later than July 15, 2020; • New […]
IRS NOTICE: Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. Highlights Filing DeadlineThe filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by […]
Treasury Announces Tax Payment Deferral Available
Today, during the daily White House briefing on the coronavirus, the Secretary of the Treasury Mnuchin announced that IRS payments can be deferred for 90 days interest and penalty free. He stressed that tax returns still be filed timely, especially if a refund is expected. File electronically and process through direct deposit for the most […]
New Mexico Taxpayers Advisement
From the State of New Mexico Taxation & Revenue Department The New Mexico Taxation and Revenue Department is advising taxpayers to review the withholding information they have chosen on their W-4s because of changes in federal and state tax laws. New Mexico uses the federal W-4 for determining withholding amounts for state income tax, but […]
2019 Winter Client Newsletter
Dear Client, With so much happening in the tax world it is hard to pin down the one item that will make a difference this tax season. We encourage you to contact the office if you have had change in the past year —whether it be a life change such as a marriage, divorce, birth […]
2019 Tax Newsletter
Current 2019 Tax Newsletter – Click to view 2019 Spring Newsletter
Estimated Tax Deadline is Fast Approaching
Upcoming quarterly deadlines include September 16 and January 15, 2020 IR-2019-105, June 6, 2019 WASHINGTON – The Internal Revenue Service today reminded taxpayers who pay estimated taxes that Monday, June 17, is the deadline for the second estimated tax payment for 2019. Examples of those who often need to pay quarterly estimated taxes are self-employed […]