In the fast-moving and ever-changing environment surrounding the Coronavirus pandemic, the U.S. Treasury announced that the tax filing deadline of April 15, 2020, will be pushed back to July 15, 2020. This was a change of course from announcements made only days earlier.
Earlier this week, Treasury and the IRS announced that they would allow certain payments to be deferred from April 15 to July 15. However, they stopped short of changing the actual filing deadline. This payment deferral was met with a lukewarm response because taxpayers would still have the burden of filing either a return or an extension by 4/15.
The IRS and Treasury also previously announced that the taxpayer payment deadline extension was only applicable to payments of up to certain limits for three months.
In response, the Treasury has now pushed back both the filing and payment deadlines to July 15. This will allow taxpayers additional time to gather materials and file their taxes in the midst of the COVID-19 pandemic. Additionally, the IRS clarified that taxpayers can postpone payments without penalties or interest, regardless of the amount.
In response, the Treasury has now pushed back both the filing and payment deadlines to July 15. This will allow taxpayers additional time to gather materials and file their taxes in the midst of the COVID-19 pandemic.
Despite the extended deadlines, our CRI professionals remain available to assist you with your current needs, from tax planning to compliance. If you anticipate receiving a refund, the federal government is urging taxpayers to still go ahead and file sooner rather than waiting for the extended deadline. In that same vein, while the federal government is granting taxpayers more time to file and pay their income taxes, CRI is continuing to monitor each state’s reaction to this federal declaration. Some states have already rolled out delays due to COVID-19, and many others are contemplating such a delay.
In the interest of social distancing to help mitigate the transmission of COVID-19, per CDC guidelines, we suggest the following:
- Many institutions offer 1099s, 1098s, K-1s, etc. for electronic download. If you have not already done so, you may want to research this online option with your institution.
- If you have electronic downloads of required filing forms, please remember that CRI offers ShareFile, an option for transferring your information to your CRI advisor securely.
- Please let your CRI professional know via email if you need a ShareFile link to upload your documents, and we will happily send you one. Check out our ShareFile FAQ here.
- Should you have multiple items to send to your advisor, we request that you summarize those in a spreadsheet and send via email or ShareFile.
- If you still prefer to meet with your advisor, please call or email them beforehand to coordinate the meeting. Some of our advisors are working remotely and may need to plan ahead. Thank you in advance for your cooperation in this matter!
We are working to regularly update you on the ever-changing dynamics of the COVID-19 pandemic and how they relate to you and your business. Please check CRIcpa.com often.