On March 21, 2020, the Internal Revenue Service authorized a 90 day extension of time, or until July 15, 2020, to file and pay any 2019 income taxes owed as a result of the current economic climate due to the coronavirus. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. This is a change from the original policy issued by the IRS on March 18, 2020 and it is expected that the IRS will issue further guidance in the coming days. More information can be found here.
If you are expecting a refund, the IRS still recommends that you file your return timely. It is processing refunds within 21 days currently.
Important Reminders:
- This applies only to your federal taxes – you may still be required to pay state income tax. Check your individual state’s revenue department.
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COVID-19 Response Resource Team: