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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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bheizer
Level 4
03-29-2020
09:46 AM
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Does anyone know if there will be penalties imposed on taxpayer who did not have 100% of 2018 tax liablity paid for 2019?
I had a client that quit his job and started a business. He ends up owing tax and since he quit his job in February, he did not have enough tax paid in for 2019 that he was liable for in 2018.
Software is calculating penalty but wondering since Coronavirus, will IRS still impose penalty for this situation since they are waiving penalties for new July 15 deadline?
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TaxGuyBill
Level 15
03-29-2020
10:01 AM
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Yes, there should be a penalty.
The extended deadline and modification to penalties apply to 2020, because that is when the Cornavirus started causing problems within the US.
IRonMaN
Level 15
03-29-2020
11:00 AM
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Maybe some gods will forgive all of your sins, but Coronavirus doesn't forgive your sins back to 1962.
Slava Ukraini!
