Coronavirus Tax Updates

Federal Tax Updates (Last Update: 3/27/20)Do I need to file an extension to file past April 15? No, you do not need to take any action. The July 15 extension applies to all taxpayers automatically.Will the extension of the tax deadline delay my tax refund? No, the IRS expects to continue to process refunds as normal but encourages all taxpayers to file now.Do I have more time to contribute to my IRA? Yes, you now have until July 15, to make a 2019 contribution to your IRA.Will the deadline for my state taxes also be extended? A majority of states are conforming to the new July 15 tax deadline. However, some states have different deadlines and guidance. To find out the deadline in your state, click here.How do I know if I qualify for the extended payment deadline? And do I need to file an extension to get it? According to the Secretary of Treasury, anyone with a Federal Tax Payment related to their 2019 taxes and their tax year 2020 estimated tax payments due 4/15/20 can defer their tax payment, free of penalties and interest for 90 days for purposes of the relief.What do I do if I …read more


Source:: AOL.com

      

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