HARARAH & Associates

The Treasury Department under the President's direction has now DELAYED the filing season for returns due on April 15th, 2020 to July 15th, 2020. No penalties or interest will be imposed when filing by July 15th. But, of course, should you still need additional time to file, our recommendation would be to place your returns under extension to file by October 15th, 2020. The extensions are ONLY to delay filing to October 15th, but payments are still due by July 15th under the new guidance. GOD BLESS

In a press conference today: March 17, 2020, Treasury Secretary Steven Mnuchin indicated that individuals and corporations can delay their tax payments for 90 days due to the coronavirus pandemic. Individuals can defer up to $1 million in payments for 90 days from the April 15 deadline. Corporations can defer up to $10 million in payments for 90 days. During that time, the IRS will not charge interest or penalties. Please Note: This only grants an extension to pay taxes, but as we understand it from what was declared today, this does NOT grant an extension of time to file by the April 15th deadline. Therefore, if you are not a HARARAH & Associates client, you might want to consider speaking to your tax advisor (if you have one) of getting an extension in for you.

The Franchise Tax Board (FTB) on March 13, 2020 announced special tax relief for California taxpayers affected by the COVID-19 pandemic. Affected taxpayers are granted an extension to file 2019 California tax returns and make certain payments until June 15, 2020, in line with Governor Newsom’s March 12 Executive Order Who is affected: This relief includes moving the various tax filing and payment deadlines that occur on March 15, 2020, through June 15, 2020, to June 15, 2020.... This includes: Partnerships and LLCs who are taxed as partnerships whose tax returns are due on March 15 now have a 90-day extension to file and pay by June 15. Individual filers whose tax returns are due on April 15 now have a 60-day extension to file and pay by June 15. Quarterly estimated tax payments due on April 15 now have a 60-day extension to pay by June 15. The FTB’s June 15 extended due date may be pushed back even further if the Internal Revenue Service grants a longer relief period. Please note: The IRS has not issued any guidance for both the March 16th and the April 15th deadlines as of today, March 15th, 2020.

As a former IRS Agent, I have experienced my share of government shutdowns, and know how it feels to have your livelihood ripped away by partisan politics. This... 2018 tax season, if you are a furloughed federal employee, HARARAH & Associates will prepare your taxes and defer your payment for services for up to 60 days from the filing date. Take advantage of this exclusive offer and let the expert enrolled agents at HARARAH & Associates help you recover from the ongoing government shutdown. #endtheshutdown #governmentshutdown #taxes #trump #irs #hararahassociates

If you or someone you know has UNDISCLOSED financial accounts and/or assets, NOW is the time to come clean. The IRS has recently published it will be closing its Offshore Voluntary Disclosure Program- (OVDP) on September 28, 2018. What this means to you: NOW is the time to explore your options and disclose your foreign financial accounts and/or assets because the IRS will be aggressive in targeting and finding individuals AND entities who have these undisclosed accounts/assets. There are programs you MAY qualify for so that you are in compliance with federal laws. HARARAH & Associates can help you with this transition.

In celebration of the #PhiladelphiaEagles beating the #NewEnglandPatriots at #SuperBowl52, HARARAH & Associates will beat your last year’s tax preparation fee by 25%!!! Contact us today [email protected]

Donald Trump's new tax law got you feeling confused? Overwhelmed? Did you just get married? Buy a house? Own a business? HARARAH & Associates is now live on social media and we are here to answer any questions you may have! Reach out to HARARAH & Associates for all your tax needs! We are here to help YOU!