People and businesses all over the country have had to make adjustments to their daily routines due to the coronavirus. The tax deadline date, April 15, is right around the corner, but if you haven’t filed your taxes yet because of everything going on, don’t fret. The Treasury Department has extended the filing date by 90 days in order to give people a little relief from the effects of the coronavirus.
Facts about the New Tax Deadline
On March 20, 2020, the Treasury Department announced that because of COVID-19 the tax deadline would be pushed back for 90 days, making the new day you need to file your taxes by July 15, 2020. There will not be any penalties or interest if you miss the April 15 deadline, as long as you get your taxes in by July 15. If July 15 is approaching and you still need extra time, you can file for an extension. If that extension is accepted, you will have until October 15, 2020 to file your taxes.
3 Frequently Asked Coronavirus Related Tax Deadline Questions
1. Who is eligible for a tax filing and payment deferral?
Those who are eligible for the extended tax filing date are:
- Individual Form 1040 filers
- Corporations filing Form 1120
- Trusts and states filing Form 1041
- Fiscal year partnerships, associations and companies with due dates on April 15, 2020 (uncommon)
2. Will this affect the tax refunds?
This extension should not affect you if you are receiving a refund. The Treasury Department states that you should still receive a refund within the normal amount of time, approximately 21 days if electronically filing.
3. What to do if you still need more time to file?
If this extension is still not enough time for you to file your taxes, you can still file for an additional extension. Before July 15, file Form 4868, an extension request, which, if accepted, will then give you until October 15, 2020 to file your taxes.
With this new tax deadline date everyone is still required to pay taxes, this is just an effort to provide some relief to those who may need extra time due to the pandemic. It is still encouraged to file your taxes early, to make sure everything is done on time and correctly. This will help avoid any penalties of a late fee.
If you need help with your taxes contact Satty, Levine, & Ciacco, CPAs, P.C. We have the expertise and knowledge to do your taxes for you.