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Can Lawyers Learn to Retire? Part Two Ted David, Esq
“You Gotta Know When to Hold Them… Know When to Fold Them”
– Kenny Rodgers..The Gambler
1). Let me first say your stimulus check is not taxable but your unemployment is. Now with that bit of tax info in place I want to let you in on an article which I wrote for the Practical Tax Lawyer. It may hit home these days if you are wondering whether all this legal stuff has just about driven you crazy and you think you may be ready to hit the silks. It’s too long for a single dose so look for the rest next month..or better yet subscribe to this ALI-CLE publication yourself. So here it is:
Strange world we’re living in at the moment. As a public service, the Tax Law Committee would like to set forth what the IRS has done recently with regard to tax deadlines in the face of the pandemic. Here they are:
Filing and paying deadline: For all taxpayers who file and pay their income taxes by April 15, the new deadline is July 15. This applies to all individual returns, trusts and corporations. No extension request is necessary. If you cannot file by July 15, file a Form 4868 to get an
extension to October 15. Remember – getting an extension to file does not extend the time to pay, which will remain at July 15. There is a limit on how much can be deferred: up to $1 million for individuals and $10 million for corporations.