The IRS Extends the Tax Deadline Due to the Coronavirus

Amid all the chaos of the Coronavirus (COVID-19) outbreak, many taxpayers and lawmakers advocated for an extended tax deadline.

Fortunately, the IRS has extended both the filing and payment deadlines. The extended tax deadline is good news for taxpayers who owe the IRS.

Not only do they get extra months to file, they get extra months to pay. It’s one less of a headache during this hectic time.

When is the new extended tax deadline?

The tax deadline for filing and payments has been moved from April 15, 2020 to July 15, 2020. This deadline applies to ALL taxpayers who owe the IRS for the 2019 tax year.

Here’s who this payment relief applies to:

• All individual returns, self-employed individuals, all entities
• Victims of tornadoes and severe storms in parts of Tennessee, including Nashville
• quarterly estimated income tax payments due on April 15 and June 15
• quarterly payroll and excise tax returns normally due on April 30
• IRA contributions

How does the extended tax deadline affect penalties?

Typically, penalties and interest accrue after April 15, 2020. However, this changes to after July 15, 2020.

If you filed an extension to meet the April 15 tax payment deadline, you will automatically avoid interest and penalties if you pay by July 15. Click here to explore payment options with the IRS.

Reaching out to the IRS

The IRS has temporarily closed all Taxpayer Assistance Centers until further notice. On the bright side, they will still be issuing refunds, processing tax returns and attempting to help taxpayers.

Most likely, wait times will increase due to heavy call volumes. If you have a tax refund, and did not receive your refund as yet, the IRS recommends that you wait within 21 days of IRS acceptance before contacting them.

Track your refund online

Instead of giving the IRS a call, check the status of your refund online first. That being said, all you need to track your current year refund is your social security number, filing status, and your refund amount.

Click here to go to the IRS Where’s My Refund Tool.

Stay safe

Be sure to practice good hygiene and avoid large crowds. If you’re worried about getting your refund on time or need to request an IRS payment plan, give us a try. We can e-file your 2019 taxes or provide you with a printable version of prior year taxes going back to 2008. Then, mail your return to the IRS/state.

Simply create an account, enter your tax information, and submit your account to us with a payment based on your tax package to prepare your tax return. The turnaround time is between ten minutes to one business day for simple returns.

If you have any questions, we’re here to help.

This entry was posted on Friday, March 20th, 2020 at 7:26 pm and is filed under Tax Tips and Tricks. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.