Article by Bill Bishcoff, published in MarketWatch,
In response to the COVID-19 crisis, the IRS postponed the usual deadlines for: (1) paying what business taxpayers will owe Uncle Sam with their as-yet-unfiled federal income tax returns and (2) taking several actions that can affect what will be owed with those returns.
So, if your business entity’s federal income tax return is still awaiting completion, you may have more tax planning flexibility than you thought, and you have plenty to think about in that regard. Ditto for individual taxpayers who own pass-through business entities.
Business taxpayers have lots of things to consider for their still-unfiled federal income tax returns. With that thought in mind, recognize that things are very different this time around. You have COVID-19 tax relief provisions, some of which are retroactive, to evaluate. You have the upcoming November general election to think about. The outcome of that election could have major tax implications for future years. What you choose to do with your still-unfiled return can impact taxable income in those future years. With all these factors in play, I think business taxpayers should strongly consider extending the due date for their still-unfiled returns past July 15. That would give you more time to get your act together.
Be sure to talk to your tax professional for additional advice.
Link to full article.
Steve Niehaus, MBA, CBI
[email protected]
239.565.3171
