April 15 Tax Deadline Moved To July 15 & CARES Act

13 Apr

Apr 13, 2020 at 12:00 pm EST for 60 minutes

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The IRS moved the April 15 tax deadline to July 15, 2020, thereby postponing tax filings and tax payments. Most states also delayed the tax deadline.

Usually, a TTS trader must submit a 2020 Section 475 election by April 15, 2020. Will the IRS accept a 2020 Section 475 election made by the postponed July 15 deadline?

The new CARES Act includes significant economic aid and tax relief provisions. If you have NOLs from business activities in 2018, 2019, and 2020, CARES allows five-year NOL carrybacks for immediate tax relief. TCJA had repealed NOL carrybacks and only allowed carryforwards. Traders, eligible for trader tax status (TTS), might have NOLs from trading expenses and Section 475 ordinary losses. With NOL carrybacks allowed for 2020, it makes a 475 election essential if you have YTD losses.

Join CPAs Robert A. Green and Darren Neuschwander of GreenTraderTax.com, to learn about these developments.

Webinar hosted and recording produced by Interactive Brokers. Everyone is welcome; you don’t have to be a client of IB.

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Testimonials

Dear Darren, Thank you for doing my taxes this year. I very much appreciate all the work you and your team have done. My best wishes for the year. Regards.

Louis S.

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