As the world is facing a global pandemic and is fighting against the virus COVID-19, the federal government issued an Emergency Declaration in response to the economic hardship of U.S. taxpayers.
The IRS allows taxpayers to defer payment of their tax liability up to $1 Million until July 15, 2020. As a result, penalties and interest on late payments will start July 16, 2020.
Regardless, the 2019 tax return must be timely filed on or before April 15, 2020. If you are not able to file on time, contact us to discuss options.
If you expect a refund from 2019, we recommend you to file as soon as possible to get your refund (usually within 2 weeks). We provide electronic filing to help expedite the process and get your refund wired directly to your bank account.
For those who are running an individual business, as of now, the 2020 estimated tax for Q1 will still be due on April 15, 2020. Contact us to plan your estimated tax payments and avoid interest.
Business entities (other than 1040 return) are not part of the tax payment deferral plan. 2019 Business Tax is due by April 15, 2020. We will keep monitoring the IRS and federal government announcements.
Taxpayers with a fiscal year end other than December 31 should consult a tax professional to know the applicable deadline.
Our team remains mobilized in home office to help you understand, prepare and file your taxes.
Be safe.