Tag Archives: personal tax returns

New Tax Filing/Payment Date … Scammer Alert – Be Careful

On Saturday, the normal Mid-April tax day was extended to July 15 and would also include regular ES Payment extensions as well.

Extension to Regular Filing DateIRS logo

This from the IRS Announcement:

“Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.”

Updated Scam Alert

The bad guys are taking advantage of the current situation by sending emails related to the Virus… I have personally received over a half a dozen so far, some very clever.

We have also been warned by our security advisers to be on the watch….

We wanted to give you a heads up…

  • Take a quick moment to slow down and double check your emails and texts for the time being (hurried answers or clicks are just what they are looking for!)
  • Be EXTRA careful on any email you may receive
  • Do not open any unusual Zip or hot-linked texts
  • Double check the from email address on ANY unusual email – read carefully, they again are, clever

Have a Great “Tax Extended, Scammer Watch” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.

Be Easy on Your CPA this Year and Expect to Pay a Little More, Meet Form 8949

As most of you know we have been warning for over a year now, (2011 Rockwell and 2012 Rockwell Part 2) of government changes due to new cost basis reporting requirements. While we agree with the overdue changes which in the long run, will be easier, the gravitation from non-reporting of basis, to full reporting of basis will be rocky at best. Given these facts we fully expect personal tax returns to be slightly more complicated and time-consuming this year, therefore more costly as well.

The Culprit: From 8949

Think of this new form as a catch-all for your long-term and short-term gains with a built-in column for errors. This new form, while simplifying other schedules on your return will be more time-consuming, may surprise you at first glance, and will throw all of us out of our tax comfort zone this filing season.

On a positive note, think of it as one step back to take two steps forward. In the coming years, it will get easier and we will all get more accustom synchronizing the data. (We attempt to give our realized gains and losses data in a form that is easy to transfer into tax return data, however we doubt the various outside reporting vendors will have such concerns at this time, they are still focused on capturing the data.)

Don’t Hurry to FILE your Return, But Do Rush to Get Your Information to Your Professional as Soon As Possible!

While we have strongly suggested those early filer’s wait until late March or early April to have their information electronically sent to the IRS, we do suggest you get your tax information to your professional in an extra timely manner. No one wants a tired tax professional doing their taxes !

As you know, we are not tax professionals, however we interface with many on an almost daily basis, especially during the final leg of filing season. If we all try to make each other’s lives easier, maybe this From 8949 will turn out to be a mole hill rather than a mountain!

Have a Great Day!