As a follow-up to our newsletter from Tuesday, the US Treasury Department has agreed to extend the deadline to file your tax return until July 15th. This was announced this morning and effectively offers taxpayers a 90-day grace period to file and pay your taxes. No forms are required to be filed with the IRS on April 15th to take advantage of this extension. We are still awaiting specifics, but here is what we know:
- No extension is needed on April 15th. This is a change from the initial announcement on Tuesday.
- We expect that state taxing authorities will follow the lead of the IRS and come out with their own guidance pushing back the deadlines to July 15th. We will update you if this does not materialize.
- If you are expecting a refund, send your tax documents in when you are able and we can process your return. The IRS is still paying refunds in a timely manner, no need to wait until July.
- We are looking at a week to ten days turnaround time for preparing and reviewing your tax returns. We appreciate your patience.
- The IRS has not announced if this will be an extension to fund IRAs, HSAs or pay the second quarterly installment for 2020. The second quarterly installment is normally due on 6/15/2020.
- The first quarterly installment for 2020, which is normally due on 4/15/2020, is extended to 7/15/2020.
We will keep you updated as more information is made available to us, and wish you all continued health. Please follow us on Facebook and LinkedIn for the latest updates.