Q&A: How has coronavirus affected this tax season?

| Mar 25, 2020 | tax law | 0 comments

The coronavirus pandemic continues to wreak havoc on society at large. Schools are shut down for the rest of the academic year, many white-collar employees are working remotely, and doctor’s offices have shifted to video appointments; all in an effort to curb the spread of the virus.

And now, the Internal Revenue Service (IRS) has announced a tax filing extension, pushing the April 15 date back to July 15 as part of an emergency relief plan. Should you file now or file later?

Q: When should you file?

A: You know the new deadline to file your taxes is July 15 and you might wonder if you can take your time or if you should buckle down and get file your tax return sooner rather than later. Are you expecting a refund? If so, it’s better to get your taxes filed as soon as possible to avoid a delay in getting your refund check. If, however, you owe the IRS money, you can wait until the July deadline to pay your bill. You don’t have to wait to file your return, though.

Q: Does this mean I have until July 15 to file my state taxes, also?

A: Not necessarily. A few states have extended the filing deadline for state taxes, but for the most part, it’s business as usual with the filing deadline remaining as April 15. Check with your state tax authority to verify your filing deadline.

Q: Can I still get help with my taxes in person if I need it?

A: Due to the coronavirus, the IRS has closed all Taxpayer Assistance Centers, but it still taking phone calls. In-person appointments have been discontinued until further notice throughout the country. If you already have a Taxpayer Assistance Center appointment, the IRS will work to assist you by phone.

 

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