The COVID-19 outbreak is affecting every facet of our lives – including our taxes. Check here for all FAQs to see how you may be impacted.
Q: Has the government extended the filing deadline?
A: Yes, the federal government has extended the April 15 filing deadline for 2019 tax returns to July 15, 2020. Please check with your tax preparer about whether your state extended the deadline.
Q: Has the government postponed the deadline to pay my taxes?
A: Yes, as a result of extending the filing due and as a result of a previous postponement, the time for taxpayers to pay their 2019 taxes is extended until July 15, 2020. Please check with your tax preparer regarding any postponement available for your state tax.
Q: Is April 15 still the last day I can make an IRA contribution for 2019?
A: No, the last date to make an IRA contribution is the same as the tax return filing due date so you now have until July 15, 2020 to make the contribution.
Q: Are Corporation taxes affected by the extended filing due date?
A: Yes, the filing due date for calendar year C-corporations has also been extended to July 15, 2020. As a result of extending the filing due date, the payment of taxes and filing of estimated taxes has also been extended.
Q: Are estate and trust income taxes also extended?
A: Yes, the estate and trust income tax return due date been extended to July 15, 2020. Therefore, any tax payments are also extended.
Q: If I can’t file my return by July 15, what can I do?
A: You can file an extension using Form 4868 which gives you until October 15, 2020 to file your return.
Q: What about relief for other types of tax filings?
A: The IRS has not provided a payment extension for the payment or deposit of any other type of federal tax (including payroll taxes and excise taxes) or for the filing of any tax return or information return.
Q: Is there any tax relief for other types of tax filings that are late?
A: Yes, taxpayers may seek relief under certain provisions of the tax code that allow the IRS to waive penalties by reason of casualty, disaster, or other unusual circumstances, the imposition of such addition to tax would be against equity and good conscience.
If you have questions or need assistance, contact the Experts at Henssler Financial:
- Experts Request Form
- Email: experts@henssler.com
- Phone: 770-429-9166
- Join the Conversation in Our Coronavirus Facebook Group
Disclosures: The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
