Although we are all used to the April 15th tax deadline, this year, due to the Coronavirus the IRS and the U.S. Treasury Department announced the new tax filing date is now moved to July 15th. *These new rules were posted on March 24, 2020, and may be subject to changes depending on the circumstances. Below are the things you need to know.All tax payments that are usually due on April 15th regardless of the amount owed, are pushed back 90 days later and due on July 15th. This date applies to all taxpayers including:
- Non-corporate tax filers.
- Self-employment taxpayers.
- Trusts and estates.
- The 90-day tax extension is (April 15 to July 15) is automatic so there are no additional forms necessary to receive the 90-day extension.
Tax payments that are extended to the July 15th deadline include:
- Income tax payments. Self-employment tax payments related to the 2019 tax year.
- Estimated income tax payments for the 2020 taxable year.
- If you will be getting a tax refund, you should file by the April 15th.
- Though you already have a 90-day tax extension, you may still want to move your tax filing date to October 15, 2020. Just remember, this is only an extension to file your taxes. *You must still pay any taxes owed by July 15th.
- Some states are making their extension guidelines. Most states require copies of your federal tax return information, so you should be prepared to file state and local tax returns sooner. *Watch out for state tax extension announcements.
- If you receive a penalty, even with this new provision, you may seek a waiver.
As these tax rules and deadlines may change we at Summit CPA will do our best to keep your updated as they arise. We are here to assist you through these tough times. You can contact our office at (866) 497-9761 or check our website at https://www.summitcpa.net/ for updates.