COVID-19 UPDATES THAT MAY IMPACT YOU AND YOUR TAXES

At Stone, we continue to monitor the Covid-19 situation as it evolves and are committed to keeping you updated on how the developments affect you from a tax perspective. Below, please find a summary of some recent developments from the Internal Revenue Service (IRS):

• Due Dates: 2019 Tax returns that were originally due April 15, 2020 have been automatically extended to July 15, 2020. This extension applies to both filing and paying your 2019 tax liability.

• Eligibility: The above extension applies to all individual tax payers (Form 1040 series), C-Corporations (Form 1120 Series) , Fiduciary (Form 1041 series), Net Investment Income Tax (Form 8960), Base Erosion minimum tax (Form 8991) and any unincorporated business with an original tax due date of April 15, 2020.

• Returns & Payments Ineligible for above extension: Any return not originally due April 15th, Estate and Gift Taxes (Forms 706 and 709), Payroll and Excise taxes, filings and/or payments for taxable year 2016 including claim for a refund. If claiming a refund for 2016, the claim must be filed by April 15, 2020.

• Estimated Payments: Estimated tax payments that were due April 15, 2020 have also been extended to July 15, 2020. However, none of the other quarterly estimates due dates have changed. For example, the second quarter estimates due June 15, 2020 for Individuals are still due June 15th.

• Extensions: If you are unable to file your tax return by the July 15th deadline, you can apply for a 3-month automatic extension by July 15th and your return will be due October 15th. Please note that you will need to pay any liability due by July 15th even with an extension to avoid any potential interest and penalties.

• Already scheduled a payment for 4/15?: You can proactively modify/cancel this payment and reschedule it to 7/15. Please contact Stone & Company, LLC if you need help with this.

• States: This relief does not automatically apply to States. Some States have aligned with the new Federal due date and some States are keeping the original due dates. Please reach out to Stone & Company, LLC if you have a question on a specific state or check with the respective state agency. More information is available at

• Health Savings Accounts (HSA) & Individual Retirement Accounts (IRA) Contributions: You can still make a 2019 contribution to your HSA and IRA until July 15th if you are eligible and have not already maxed out your 2019 limit. Please contact Stone & Company, LLC for more information.

• Excessive 2019 elective deferral to workplace-based retirement plans: In order to exclude these distributions from income, you must take out the excessive deferrals and income by April 15th, 2020.

The information above was derived from