April 2020

Federal income tax filing and tax payments are now due on July 15, 2020, along with estimated tax payments and gift tax returns.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several tax provisions affecting individual taxpayers.

Small and medium-sized employers affected by the coronavirus pandemic may be able to take advantage of tax breaks created by the Families First Coronavirus Response Act.
               

Learn why it pays to plan before you loan money to a friend or family member - and how to avoid tax complications down the road.

Relief for taxpayers affected by COVID-19 - including certain payments related to Installment Agreements and Offers in Compromise - is now available

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TAX DUE DATES

April 10

Employees who work for tips 
- If you received $20 or more in tips during March, report them to your employer. You can use Form 4070.

April 15

Employers
 - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March.

Employers
 - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March.

April 30

Employers
 - Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2020. Deposit any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until May 11 to file the return.

Employers
 - Federal unemployment tax. Deposit the tax owed through March if more than $500.
IN THIS ISSUE
Tax Tips

QuickBooks Tips

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Dawson & Associates | 818 379-9800 | team@dawsoncpa.com | http://www.dawsoncpa.com
16027 Ventura Boulevard Suite 501
Encino, CA 91436
Dawson & Associates, 16027 Ventura Boulevard  Suite 501, Encino, CA 91436
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