Kristin had the chance to interview Jackie Cruz-Columna from Columna Agency in Kissimmee, FL to discuss the impacts of COVID-19 on your 2020 taxes for individuals and small businesses.
They also covered early withdrawals from your retirement accounts, CARES Act stimulus payments, and the Employee Retention Tax Credit for businesses.
IRS Tax filing deadline moved from 4/15/2020 until 7/15/2020 - https://www.irs.gov/newsroom/tax-day-...
- No Late filing penalty
- No Interest
Retirement Account (including 401k) changes
- Elimination of Early withdrawal penalty (Taxes do still apply)
- 401k borrowing amount increased from $50,000 to $100,000
- IRS contributions are being postponed as well until 7/15/2020 for filing year 2019.