With fears of COVID-19 changing our lives at the present moment, it is easy to let something like taxes fall by the wayside. While filing and payment deadline has been extended, it actually pays to get moving on your return faster rather than later if you are due a refund. With all the financial uncertainty of this pandemic, it is better to have that money in your pocket now more than ever.
Earlier this week Treasury Secretary Mnuchin implied that there would be a 90-day tax payment extension from the April 15th deadline. He said, “just file your taxes. You will automatically not get charged interest and penalties.” The next day, the IRS issued Notice 2020-17 announcing a payment extension until July 15, 2020, but not a filing extension.
On Friday, March 20th, Mnuchin announced that all taxpayers and businesses would now have an additional 90 days, until July 15, 2020, to file their 2019 tax returns without interest or penalties regardless of the amount owed. This latest announcement sets both the filing and payment deadlines to the same day, removing any potential Tax Day confusion. NC State also announces to mirror the Internal Revenue Service.
Treasury, IRS and Labor department announced plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave. For more details visit https://www.irs.gov/newsroom/news-releases-for-current-month.
President Trump and Congress have discussed giving $1,000 cash payments to taxpayers but as of now, that has NOT officially passed. Please be careful of new scams going around related to this COVID-19 / Coronavirus situation. Scammers are contacting people to sign up to get their $1,000 check. Do NOT give your personally identifiable information like social security number, bank account and etc. as the government has all of your information.
Stay safe and healthy as will get through this together!
If you have any questions, please contact me at 704-659-3109 / www.digitaltaxadvisory.comYorda Kidane, EA, CTC, NTPI Fellow® at Digital Tax Advisory, LLC