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Typically, this would be the time of year when people would be concerned about filing their taxes on time, but there is another worry on everyone’s mind – COVID-19.
Due to the current health and economic state of the country, the Treasury Department and IRS recently announced that it would be extending the federal income due date from April 15 to July 15, 2020. This announcement follows the Presidents’ emergency declaration to pursue the Stafford Act as we all learn to navigate life through a pandemic. Like the IRS, the state of Wisconsin has also extended the filing deadline.
Additionally, taxpayers will have the option to defer federal and state tax payments until July, without penalties and interest, regardless of the amount owed. This deadline applies to all taxpayers, to include individuals, trusts and estates, corporations and all other non-corporate tax filers as well as those who pay self-employment tax. There is no need to make any special requests to qualify for this deferment, as it applies to everyone.
Although the filing deadline has been extended, IRS Commissioner Chuck Rettig encourages taxpayers not to procrastinate, especially if expecting a refund. At this time, most tax refunds are still being issued with 21 days.
If you are still working with your tax preparer on last year’s taxes, Lions Pride would like to remind you to practice extra patience and display even more kindness to essential business workers during this time. We are all being tested with daily challenges and are doing the best we can in the given situation.
Remember that we are in this battle together. Please continue to follow guidelines from CDC. Stay safe out there!