The 2020 extended tax deadline is quickly approaching, and we are working to ensure your return is completed on time if you have already brought in your 2019 tax documents. In March, the United States Treasury and the Internal Revenue Service (IRS) extended the tax filing deadline due to COVID-19 until July 15, 2020. This also extended the deadline to pay your 2019 income taxes and first and second quarter estimated tax payments for 2020.
We encourage you to furnish us with your tax information at your earliest convenience; however, since the deadline is approaching, an extension may be necessary and might be good for you. The IRS will allow an additional three-month extension to file your 2019 tax return. There are many reasons an extension can be helpful or necessary. Many taxpayers fear that extending their return will be a red flag for audits, but the truth is extensions are processed every year with no greater risk. In fact, there can actually be some important advantages for opting to extend the time to complete your returns.
PLEASE DO NOT FORGET…you are still required to pay any taxes due on July 15, 2020. The extension is only for more time to prepare your return, not to pay your taxes. The IRS will assess late payment penalties and interest charges, which will accumulate each month that your taxes go unpaid.
If you have questions or require additional assistance, please contact a professional at our office.
For more information about tax return extensions, click here.
Source: Internal Revenue Service