Tax Filing Deadline Is Back
The much-appreciated 3-month extension for filing and paying federal taxes is coming to an end. And there’s no avoiding it any longer. Tax Day 2020 is July 15th, and the chronic procrastinators have to belly up to the tax table and get it done. There was some talk about extending the date for those who owe taxes, and some procrastinators were dreaming of having an additional 3-month extension. Not happening.
In addition to the looming tax date, the IRS says there are millions of taxpayers who haven’t filed yet who are due billions in refunds dating back to 2016. What is owed to 1.4 million taxpayers is a total of 1.5 Billion dollars. The IRS reports that the average refund amounts to just under $900. But, if your 2016 return isn’t filed by the 15th of this month, you can kiss that money bye-bye. Of course, if you haven’t filed subsequent years – 2017 and 2018 – you might owe the IRS more in late fees than they owe you!
Many people will still not be able to pay their taxes due to the pandemic. But you must at least file your tax return. It remains to be seen if the IRS is going to further penalize those who cannot pay their taxes by the deadline. There had been talk of another round of stimulus payment, though there is currently no news on whether that is going to happen.
Our office is open, and our entire staff is practicing social distancing, scheduling clients appropriately so there are only a few people in the office at any given time and wearing masks and we are ready to help you prepare your tax returns for submission by July 15th.