You Can Defer Your Income Tax Filings, But Do this Instead
In response to the Coronavirus pandemic, President Trump and Treasury Secretary Mnuchin announced a 90 day deferment for income tax return filing for individuals and corporations. This means the March 15th deadline will now be June 15th, 2020. The April 15th deadline has now been extended to July 15th, 2020.
There’s also a 90 day deferment for individuals owing a payment to the IRS of up to $1M and corporations owing up to $10M.
Secretary Mnuchin also explained that while there is deadline, the US government is strongly encouraging those who can file their taxes to do so, especially if they’re getting a refund.
This is a very smart suggestion.
With businesses shutting down and lots of people finding themselves without a paycheck, getting a refund of any size would help. So if you can, make the effort and file your 2019 tax return.
As far as we know, the IRS has been processing returns in normal time, but due to the present circumstances, it could change. As the old adage goes forewarned is forearmed.
Please remember that this deferment is for Federal filings only. You need to check with the state you live in to see what kind of relief they’re offering.
The American Institute of Certified Public Accountants (AICPA) has compiled a list of all 50 states and what they’re doing to provide filing relief. It’s updated on a daily basis. This PDF document can be viewed by clicking HERE.
Because we know the internet is filled with inaccurate information, we are including a link to the official IRS Notice 2020-17 titled “Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic” which you can find by clicking HERE.
If you have any questions or concerns, please don’t hesitate to call us at 570 491 4400 or email us at email@example.com. We’re not offering you to come by as we always do because we want to keep you safe!