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Virus Prompts Changes to Tax Season

The worldwide outbreak of the COVID-19 coronavirus has affected just about everyone in some way. The U.S. Congress is rushing to provide resources for the health care system, the nation’s businesses and workers. Since the outbreak occurred so close to the April 15 tax filing deadline, the federal government has made changes to relieve some of the financial stress associated with tax season.

The Treasury Department announced tax payments may be deferred for 90 days, giving filers until July 15, 2020 to file and pay their taxes. However, the IRS urges taxpayers who are due a refund to file as soon as possible.1 Note that this extension applies only to your federal tax return; state return requirements are up to the individual states.

Content prepared by Kara Stefan Communications.

1 IRS. March 21, 2020. “Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed.” https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed. Accessed March 24, 2020.

Neither our firm nor its agents or representatives may give tax advice. Be sure to speak with a qualified professional about your unique situation.

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