Month: March 2020

Hello Everyone,

Today it was announced that the tax filing date has been moved to July 15th.

We are still working as normal to get your returns done. With the new tax filing date, we want to ensure everyone that if you owe we will be communicating with you to find the right solution for you. Refunds will be done the same way they have been in the past. For the safety of our staff, we have the majority of our office working remotely. Please note emailing your accountant may be the easiest form of communication as we continue to work through this pandemic.  We also aim to have someone in the office every day for any phone calls – if for any reason – you have a problem connecting with someone in the office please email patriciav@weissthompson.com. We are honored to be able to continue to be here for everyone in such a difficult time.

Please stay safe and stay healthy.

 

Thank you,

Weiss & Thompson

 

Hello Everyone,

We wanted to reach out in such a chaotic time and let everyone know that we are still working to get your returns done.  Your safety and health are extremely important to us so we have decided to discuss all issues over the phone, and we are asking everyone to please utilize our slot to drop off documents as well as our online portal for your documents. If you do not have access to the portal, or are having trouble logging in please us know.

We would also like to use this opportunity to inform all of you about what we know. As of now,  the tax filing due date is still April 15th. However, the payments that are owed are now due July 15th. We will keep everyone updated as new information comes in.

Please give us a call or email us directly with any questions or concerns.

Thank you for your understanding.

Stay safe and stay healthy

– Weiss & Thompson

In most cases, taxpayers who turned 70½ during 2019 must start receiving required minimum distributions (RMD) from individual retirement accounts (IRAs) and workplace retirement plans by April 1.

The April 1 deadline applies to owners of traditional IRAs, but not Roth IRAs. Normally, it also applies to retired participants in various workplace retirement plans including 401(k), 403(b) and 457 plans. The special April 1 deadline only applies to the required distribution for the first year. Additionally, for this year and all subsequent years, the RMD must be made by Dec. 31.

If the taxpayer doesn’t take any distributions, or if the distributions are not large enough, there may be a 50% tax on the amount not withdrawn.

Just a reminder, that with the new SECURE Act, the age requirement for RMDs got bumped up from 70½ to 72. So, if you reach age 70½ in 2020, you don’t have to take an RMD until you reach age 72.