As we collectively handle the challenges of COVID-19, and as the situation changes daily, we’re committed to bringing you the most up-to-date information you need to make the best financial decisions during this time. Here’s what you need to know this week. 

2019 PA Tax Filing Deadline Also Extended to July 15th, 2020

This week, the Department of Revenue announced that the deadline for taxpayers to file their 2019 PA personal income tax returns is extended to July 15th of this year. This now coincides with the revised due date for filing 2019 Federal Income Tax Returns.

Additionally, the IRS will waive all penalties and interest on 2019 personal income tax payments through the new deadline of July 15th. This extension applies to both final 2019 tax returns and payments, and estimated payments for the first and second quarters of 2020.  

IRA Contribution Deadline Extension Also Coincides with July 15th Filing Deadline 

We also want to update you that the deadline for IRA contributions has also been extended to coincide with July 15th federal tax filing deadline. This gives taxpayers an extra two months to contribute to their 2019 traditional and Roth IRAs. Read more about the IRA extension here.  

New Proposed Stimulus Package Includes RMD Waiver 

As the House moves toward a vote on the stimulus bill, the package includes a temporary waiver of required minimum distribution rules for all IRAs and some retirement plans. This includes traditional, Roth and inherited IRAs. This waiver provides relief for individuals who might otherwise be forced to take mandatory withdrawals from stocks that have significantly declined in value. Learn how the RMD could apply to you here.

During this unsettling and challenging time in our world, we hope you find comfort in knowing that everyone on our team is committed to maintaining business as usual.  We are available to personally discuss any topics or questions you have on your mind.

To discuss any of these recent news items in detail, to learn more about the financial extent and impact of COVID-19, or for any other questions, please reach out to our team anytime. In accordance with state and federal guidelines, we are working remotely under our Business Continuity Plan.  Please email us or feel free to call us at either our Aspinwall office at 412-781-7100 or our team in Greensburg at 724-836-7001 to be directed.