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While the world is facing a pandemic, you are facing the same challenges at home. The last challenge you need is filing your taxes on time. As the IRS provides time relief to taxpayers, we want to offer our accounting and tax services to help you during these difficult times. It is important to us that our clients file taxes each and every year but especially this year!

IRS Notice 2020-18

As a taxpayer, you are likely keeping track of the IRS’s latest notices about the April 15 tax filing due date. If you haven’t, you should know that the due date has now been pushed back to July 15 for your federal income tax returns and your estimated income tax payments for 2019. Along with others, you may find yourself with questions and concerns on how this affects forms, elections, and other kinds of returns.

You should know that this tax situation right now is fluid. It depends on the government’s latest responses due to the coronavirus pandemic and its effects on our economy. People are asking valid questions like, “If you e-filed a return with a bank debit authorization scheduled to post on April 15, can you change it to July 15?” or “What would happen if the draft posts with insufficient funds on April 15 but the payment is still made by July 15, can you avoid the penalty?”

Other concerns such as, if you live overseas or are in the military stationed outside the U.S. and would normally be given an automatic two-month extension on your return (June 15), is your return now eligible for the July 15 (or later) due date?

Also, what are the effects on the due date for your retirement account contributions with the later July date?

For answers to these questions and more, please check out the IRS filing and payment deadlines questions and answers on the IRS website. If you don’t want to contact the IRS then call your CPA or accountant to have the dificult questions answered. Don’t have a CPA? That’s okay, give Corporate Capital a call becauase we work with clients in all 50 states.

The most important thing to note is that only those payments (normally due on April 15) are postponed until the July 15 due date. Also, the relief does not apply to the following:

– Estate and gift taxes
– Payroll and excise taxes
– Information return filings

However, according to the IRS, if you can’t file and pay your tax by July 15, you can file for an extension that will be due October 15. Then you will pay the amount you estimate will be due when you file the extension request by July 15.

It should be noted that if you already filed your tax return and scheduled payment for April 15, it won’t be automatically rescheduled to the new July 15 date. So, if you want to cancel the payment you scheduled, and then file a new payment for July 15, you can do that if you need to.

All these questions and more can be answered on the IRS website. For the latest updates on these FAQS, check out their website.

At Corporate Capital, we want your business to succeed, plain and simple! We are proud to be a one-stop-shop for, bookkeeping, accounting, corporate tax prep, individual tax prep, corporations, LLCs, Estate Planning and more! We have licensed professionals and legal experts to help you and your business thrive. We welcome you to reach out to our team for any questions or concerns about your financial future, and how we can help. Call us at 855-371-0070 or arrange a consultation online. Our CPA’s and Tax Accountants are here to help you make sense of all the latest tax changes when it comes to your finances.