Tax Filing Deadline & Tax Payments Deferred for 90 Days Amid Coronavirus

The IRS is now providing an extension on the time for file 2019 as well as the time to make tax payments due to the Coronavirus.  Here are the details to ease your mind, in case you haven’t done your US taxes and will need extra time to complete them or if you believe you will owe taxes for 2019.

The US Government has  announced that the U.S. Treasury and IRS will extend both the April 15^th tax filing deadline and any tax payments by 90 days to July 15^th this year on up to $1 million in income. In reaction, Keith Hall, the president and CEO of the National Association for the Self-Employed (NASE), a  leading advocate and resource for the self-employed and micro-businesses, welcomed the relief, but also encouraged the small business community to aim to “complete and file your 2019 tax returns by the original April 15^th deadline, if possible, but know more time is available if you need it or are impacted by COVID-19.”  NASE has developed a COVID-19 resource page for small businesses impacted by the virus.

Tax Extension Deadline (Image courtesy of The Street)

“The COVID-19 pandemic is affecting every sector of our economy, especially those in our small business community,”said Keith Hall,  CEO of the National Association for the Self-Employed (NASE.) “We applaud all continuing efforts in working on a host of financial support ideas for those impacted by the current situation. We encourage small business owners and entrepreneurs to complete and file their 2019 tax returns by the original April 15^th deadline, if possible. Timely filing of all tax documents will allow business owners to receive any expected refunds which can be very helpful in this time of crisis.  But, you now can have more time to meet those tax obligations.

“Given the public health emergency, it is good to know that the IRS will now allow for the delay in filing and making tax payments without interest and penalty for so many who have been negatively impacted.  However, the July 15th deadline only impacts federal returns and small businesses should check individual states and municipalities for guidance on filing and payment options.”

 The extension includes a deferment in both the 2019 tax filing deadline and tax payments to July 15^th. For more information, please visit NASE’s COVID-19 resource page.