In an effort to provide financial relief for Federal taxpayers impacted by the Covid-19 pandemic, the International Revenue Service (IRS) extended the April 15th tax deadline to July 15th. This 3-month extension was provided to all payers for tax filing, tax payments, and estimated quarterly payments. While this did provide a sigh of relief for many, the new deadline is rapidly approaching.
What should you do?
If you haven’t already met with your tax-preparer, contact them as soon as possible to schedule an appointment. Your 2019 taxes must be filed by July 15, 2020, in order to avoid penalties.
If you are not able to file at this time, your tax preparer can help you file an extension. While this will not eliminate your payment requirement, it will provide you additional time to prepare your tax filing.
If you are making estimated 2020 quarterly tax payments, your April 15th payment is now also due on July 15, 2020.
This extension was for Federal taxes only. While many states did mirror this relief by extending their deadlines to July 15, it is important you review your particular state’s deadlines.
If you do not have a tax professional to help you navigate your state or federal taxes, contact Purk & Associates at 314.884.4000.