The US Treasury Department and the IRS have formally announced the official extension of the April 15th tax filing deadline due to the COVID-19 pandemic. The new extended deadline for file and pay all taxes due April 15th is now July 15th. This extension is automatic, there is nothing needed to be submitted.
The October 15th extension deadline still applies and the extension request must be submitted by the new extended July 15th deadline.
Most states are complying with this extension, we will keep you informed of any changes.
So you are asking how does this apply to me? Well for those of you expecting a refund, I say file as quickly as possible and get your hard earned money back. For those of you who expect to pay, I would recommend, let’s get those returns done and know exactly how much you will need to pay by July 15th. That way you can budget your cash flow and have a plan while we are dealing with the daily changing situation.
No other payment dates have been changed at this time. The June 15th estimated payment date still applies. Again, we will keep you apprised of this sitution.
If you are uncertain about your situation or haven’t filed your S-Corp or Partnership return yet, book a meeting with us and lets look at that tax situation with you and build a plan to get through this.