02 Apr IRS Extending Tax Deadline Due to COVID-19 Pandemic
The COVID-19 pandemic continues to spread across the United States, and people throughout the country are feeling the heavy impact of this virus in their day-to-day lives. The latest recommendations from the government include avoiding gatherings with more than 10 people, which has led to restaurants, bars, fitness clubs, and even schools to shut down entirely, and almost every large event to be cancelled. These business closures have left a great deal of Americans in a financial lurch, leaving them with no income until the health crisis is over.
As a result of this financial strain in a time of great stress in the country, the IRS has announced that they will be deferring April 15th tax payments and extending the filing deadline by 90 days. Here’s what you need to know about this deferral. If you have further questions, please contact our Provo tax prep company.
Extension for Payment and Filing
While the IRS did initially announce that they were only pushing out the payment deadline for tax debts, it was only a few days later that they announced the filing deadline would be pushed back as well. The new deadline for filing your individual tax return and paying any taxes you owe is July 15. Please note this is only for 2020, so that citizens don’t have to worry about taxes during this stressful time.
We still strongly recommend that you file your return as soon as you are reasonably able. Doing so may allow you to collect any refunds you’re due to assist you through this difficult time. And, if you owe, it will let you know just how much tax debt you have so that you can better prepare for the July 15 payment deadline; you do not have to pay at the same time that you file.
How This Helps Stop the Spread
In addition to offering some financial relief to Americans with tax debt at this time, extending the payment deadline also offers some help in flattening the curve and slowing the spread of COVID-19. During tax season, the IRS and accounting firms like ours are working at maximum capacity. With this deferral, the IRS and CPAs alike have more opportunities to cut down on office hours and work from home, limiting contact with others and helping to prevent the spread of this virus.
How Will It Impact You?
This extension will give you some additional time to file your taxes, so that you can focus on more pressing matters surrounding the COVID-19 outbreak. However, we want you to rest assured that our commitment to serving our clients has not changed. We are still working every day—be it in the office or from our homes—to assist you with your tax needs. Whatever questions or concerns you may have, you are still welcome to reach out to us and speak to one of our CPAs, who will still be available to assist you.
If you have an appointment scheduled to meet with one of our accountants, but you’re no longer comfortable coming for a face-to-face meeting, please give us a call. We’re more than happy to accommodate your health needs and perform a consultation over the phone, and you can provide any necessary documents through our online client portal. We are committed to continuing to help our clients while doing our part to protect the health and wellbeing of our community.
If you have any questions regarding this filing extension and payment deferral from the IRS, or how COVID-19 is impacting the day-to-day operations of our business and our interactions with clients, please contact our Provo tax prep company at any time.