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IRS Update: NEW Tax Deadline of 7/15/2020

 Did you hear the Internal Revenue Service (IRS) moved the 2019 tax year filing deadline from April 15, 2020 to July 15, 2020? We’ve heard from many of you with questions. Let us help clarify what this change means for you.

What was the purpose of changing the deadline?

Given all the issues and uncertainty related to the COVID-19 virus, the IRS goal is to give taxpayers additional time to file a complete and accurate return and not incur any penalties or interest related to delayed filing or payment.

Which type of returns are eligible?

Types of returns include:

  • Individual returns
  • Trust and Estate returns
  • Corporation (C Corp) returns

Do I need to file an extension?

No, taxpayers do not need to file any additional forms or contact the IRS to qualify.

Can I delay my tax payment(s) due on April 15, 2020?

Yes, you can delay tax payments due on April 15,2020 and do not have to make these payments until July 15, 2020 without penalties or interest.

What does this mean for me- should I file now or file later?

Our professional recommendation is to take the extra time you may have now to organize your tax documents and them provide to your CPA now instead of later.

Why?

Refund – if you are due a refund, you can expedite the processing and receipt via direct deposit.

Plan Ahead – if you owe tax, would you rather wait until the last minute to find out you have a tax due or would you rather know soon so you can plan your cash flow accordingly? Wouldn’t it be helpful to know now so you could come up with a plan to pay?

It is all about being proactive vs. being reactive. Also, we are encouraging our clients to stay ahead of the curve as we do expect some delays since we’ve converted our team to working from home. Our team is working diligently to prepare each return with care and attention on a first come, first serve basis. We recommend you do not wait until the last minute so you can plan ahead and avoid unforeseen circumstances of last-minute filing.

See IRS source for details by clicking the button below.

IRS Source: 2019 Deadline Change

 

Do you have questions? If so, please call us at 352-369-1120.

- Russell C. Lindsay, CPA | Partner

 

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