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US Federal and State Filing and Payment Deadlines Continue to Evolve in Response to COVID-19 Pandemic

IRS issues welcome extension of filing deadline As highlighted in our recent alert, the US Secretary of the Treasury, Steve Mnuchin, had announced on March 17, that US taxpayers would get a 90-day reprieve in settling their 2019 tax bills, extending the tax payment due date to July 15. At the time, this extended payment deadline had been limited to taxpayers owing $1 million or less in taxes. In addition, this payment extension had not changed the original tax return filing deadline of April 15.
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Tax alerts

Tax Filing Deadline Extended to July 15 to Combat COVID-19 Pandemic

On Friday, March 20, the US Secretary of the Treasury, Steve Mnuchin, announced that the federal tax filing deadline would also be extended to July 15. Earlier in the week, the Secretary of the Treasury had provided an extension to the payment deadline but reiterated that the filing deadline would remain at April 15. This is no longer the case as of Friday morning as the filing and payment deadline have now both been extended to July 15, 2020.
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Tax alerts

Tax Payment Deadline Extended to July 15 to Combat COVID-19 Pandemic

On Tuesday, March 17, the US Secretary of the Treasury, Steve Mnuchin, announced that US taxpayers would get a 90-day reprieve in settling their tax bill for 2019, making any tax payments owed not due until July 15. During this same briefing, the Secretary of the Treasury reiterated that the filing deadline would remain at April 15.
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Tax alerts

GTN’s plan of action around COVID-19

As the World Health Organization labeled the coronavirus outbreak or COVID-19 a pandemic on March 11, 2020, we wanted to reach out to our clients, business affiliates, and friends to let you know GTN’s current plan of action in response to these uncertain times.
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Tax alerts

An Overview of the SECURE Act

On December 20, 2019, the President signed into law the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). Our experts have pulled together some highlights of how the new tax law may affect you.
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Tax alerts

Payroll Changes Affecting Companies that Operate in Ireland

Effective January 1, 2019, employers must report payroll information to Revenue in “real-time.” This means that employers must report payroll information each time their employees are paid, rather than at year-end, which is the current system. 
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China Alerts

China Individual Income Tax Alert

Chinese officials recently announced amendments to the Individual Income Tax (IIT) law, signifying the first major modifications since 2011. The changes are intended to boost economic growth and will affect the taxation of both local employees and mobile employees that are on assignment in China. Full implementation of the changes will occur on January 1, 2019. However, the new tax tables and standard basic monthly deduction went into effect on October 1, 2018. We highlight key changes relating to personal income taxation below:
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Offshore Voluntary Disclosure Program

Offshore Voluntary Disclosure Program Closing

As originally highlighted in our March 2018 newsletter the Offshore Voluntary Disclosure Program (OVDP) will be closing effective September 28, 2018. All OVDP submissions must be postmarked on or before this date to qualify for the program. This IRS article Closing the 2014 Offshore Voluntary Disclosure Program Frequently Asked Questions and Answers provides an excellent review of the closure and highlights the decline in the number of taxpayers taking advantage of the program.
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Brazil Alerts

Brazil / US Social Security Totalization Agreement

Tax Alert - August 29, 2018 It was recently announced that the Social Security Totalization Agreement (SSTA) between the US and Brazil will finally come into effect on October 1, 2018. It is estimated that approximately 1.3 million Brazilians and 35,000 Americans will benefit from this agreement.
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Tax Cuts and Jobs Act

Paycheck Withholding Checkup

The Tax Cuts and Jobs Act, passed in December 2017, made significant changes to the US tax law, which will impact your 2018 US federal tax return. The tax law changes include:
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