Tax Extension Due to COVID19 – Is a PAYMENTS Extension Not a FILING Extension

I hope you are staying safe during these unprecedented times of the COVID-19 Coronavirus shelter-in-place mandate.

Many of you may have heard the Trump Administration’s announcement concerning tax payment extensions.

What this means is if you OWE IRS taxes on your 2019 income, that payment date is postponed from April 15, 2020, to July 15, 2020.  Any interest, penalty, or addition to tax for failure to pay will not start accruing until July 16, 2020.  If you’ve already filed your taxes and you owed, you can now wait a few months to send in your payment.

At this time the IRS payments are due July 15th, but California payments are due June 15^th.  California may change their due date to match the IRS, but they have not announced it yet.

What this does NOT mean is that you don’t have to file your taxes by April 15^th.  

The tax filing deadline is still April 15^th.  If you are not prepared to file your taxes on time, you will need to file for a 6-month extension.

If you file, and are due a refund, you should receive it in 2-3 weeks as normal.

Click here to read the Forbes article: IRS Issues Guidance On Tax Payment Deferrals, Confirms That Tax Filing Due Dates Have Not Been Extended

I have all the resources necessary to provide tax preparation services to you remotely and will not provide any further in-person services until the ban is lifted.  Just let me know. 

If you want to schedule a SKYPE or Phone Appointment you can schedule your appointment by CLICKING HERE.

If you have any questions, please don’t hesitate to ask.