Income Tax 2020: Federal Government extends deadline for submission until June 30

 

A Capixaba accountant gives tips for taxpayers not to leave it until the last minute, after all, the sooner they declare, the sooner they will receive their refund in the first batches and have money in their account

In light of the COVID-19 pandemic, the Federal Government has extended the deadline for submitting the 2020 Income Tax declaration, which is now until June 30. According to the Capixaba accountant Rayane Ramos from the company EBITDAH, the tip is, even with more time, not to leave it until the last minute. "After all, the sooner you submit the declaration, the sooner the taxpayer will receive their refund in the first batches and will have money in their account for future bill payments," she advises. The accountant suggests that those who are at home in quarantine or working from home and have not yet submitted their declaration should take advantage of this time at home to organize the necessary documentation and do it as soon as possible. This is because it is possible to obtain all the data and information online. She also warns taxpayers to pay attention to some changes this year, such as the need for more detailed information about assets. "Now it is necessary to include detailed information about the acquisition of properties, vehicles, aircraft, etc. For example, total area of the property, registration number with the public agency, and registration at the property registry, Renavam number when registering the vehicle, chassis number, among other information," she explains. [caption id="attachment_26971" align="aligncenter" width="230"] Rayane Ramos accountant from EBITDAH[/caption] Another change in this year's declaration was the non-deduction of the employer's INSS paid for domestic workers. With this change, taxpayers who fall into this profile may forfeit up to R$ 1,251.00 annually when registering a domestic worker. It is worth remembering that this year the fine mesh will be released 24 hours after submission, and the fine for late or non-submission of the declaration is at least R$ 165.74, which can reach 20% of the tax due, corrected with interest. "Therefore, to avoid risks, it is essential to seek help from accounting specialists for document analysis and financial data for the correct filling out of the information requested by the tax authority," Rayane adds. The law also prioritizes refunds for the elderly, people with disabilities, and teachers in the first batch. See who is required to declare the 2020 IRPF:

• Received taxable income above R$ 28,559.70 throughout 2019, which includes taxable income such as salaries, pensions, rents, and alimonies.
• Has more than R$ 300,000.00 in assets.
• Conducted operations on the stock exchange.
• Obtained more than R$ 40,000.00 in exempt, non-taxable, or withheld income, which includes savings account income, labor compensation, profit distributions, and similar.
• Changed to resident status in Brazil in any month and remained until 12/31/2019.
• Declared gross revenue of R$ 142,798.50 or more in agricultural activity.

What is EBITDAH? A company located in Praia do Canto, specializing in controlling, planning, financial management, tax compliance, among other accounting services. The goal is to provide efficient and agile Financial and Tax Management, as well as analyses and information aimed at increasing companies' profits. Website: https://www.ebitdah.com.br/ Instagram: https://www.instagram.com/ebitdah_/