July 6th, 2020- Due to the coronavirus pandemic, the Federal Government postponed the traditional April 15 tax filing deadline until July 15. Even though the move provided some economic and logistic relief for taxpayers dealing with the disruptions brought on by lockdowns, school closures, and shuttered businesses, the new deadline is now rapidly approaching.
Amy Jedlicka of Gustafson and Associates says ” The season has been doubled from what it normally is, so what were normally doing in April now we’re doing in July, so I think most clients are ready to put 2019 to bed and focus here on 2020.”
Taxpayers must file or seek an extension by the new deadline or they will face a penalty. Those who need more time can request an extension on the IRS website, which will give them until Oct. 15 to file. However, an extension to file does not mean added time to pay. Payment plans can also be arranged for those who may not be able to pay in full.
Listen to the full podcast now with Amy to learn more.