Federal Income Taxes

• Federal Tax Deadline for personal tax returns has officially been moved from 4/15/20 to 7/15/20 for both filing and payment. If you owe taxes, you have until July 15th to pay the taxes due no matter when you file your tax return.
• Extensions can be filed at any time if you would like to file your personal income taxes after July 15th, by the original extension deadline of October 15th.
• The Business Tax Deadline has passed. Any business returns who filed an extension by 3/16/20, have until 9/15/20 to file.
• Reminder that if you have a pass-through business, you need to complete and file your business tax return before you file your personal return.
• To receive your Stimulus Payment, you must have filed your 2018 or 2019 tax return.
• Contributions to IRAs for the 2019 tax year can now be made up until July 15th, 2020.
• The IRS has a special FAQ page for further reference: Filing and Payment Deadlines Questions and Answers

State Income Taxes

Each state is adjusting to the personal filing extension in different ways. Check here for your state: https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

Federal Tax Payment Plans and Outstanding Tax Due

If you are in an existing tax payment plan or installment agreement, payments due between 4/1/20 and 7/15/20 are suspended.

• The IRS will not default any Installment Agreements during this period. By law, interest will continue to accrue on any unpaid balances.
• Liens and levies initiated by field revenue officers will be suspending during this period.
• New automatic, systemic liens and levies will be suspending during this period.