Taxes and COVID-19

by | Mar 18, 2020 | Cracking the Tax Code with Christy | 0 comments

In light of the nationally declared pandemic, also known as the Corona Virus or COVID-19, taxpayers are eager to find out if the IRS will halt services, audits, and change the deadline of the standard April 15th deadline for filing taxes for 2019.  While there have been rumors of an extension this year, today the IRS announced that  taxpayers must still adhere to the standard deadline for tax returns to be submitted – by 11:59 p.m., on April 15. So yes, despite most businesses being shut down, the IRS requires completed tax returns for 2019 to be filed on time. The IRS also reminds you that if you’re unable to prepare your tax return, you should file a tax extension request immediately, before the April 15thdeadline.

While the deadline has not changed for filing, the IRS has granted temporary relief to those taxpayers who find themselves owing back taxes for 2019. Understanding that a large majority of the country is out of work- and some are unpaid because of the pandemic – the IRS has allotted 90 days from the April 15th filing date, or until Tuesday, July 14, 2020,  for taxpayers to pay their 2019 taxes. 

While this is an ever-changing and developing situation, should you have any questions or concerns about the tax changes this year, contact the Law Offices of Christy Lee, P.C.  We’re keeping abreast of the latest tax news, and we’re ready to assist.