We all know the filing and payment deadline for 2019 was extended to July 15th, 2020, due to the COVID-19 Pandemic. However, there have been murmurs that the White House is contemplating extending it to an even later date.
NBC News reported that 2019’s tax deadline could be extended to September 15th, or even later to December 15th. Since then, the IRS has had staffing issues as they had sent the majority of their staff home for social distancing measures.
Along with the 2019 individual tax and corporate tax deadlines, the IRS also extended the due date for the first two rounds of quarterly estimated payments. If the deadline is pushed once more to December, critics argue there will be a substantial amount of tax payments due at one time (3 quarterly payments and regular tax bill).
There is no guarantee this extension will happen; it is just one of the many options lawmakers are currently discussing. That said, a sense of uncertainty remains for many taxpayers across the country. It is more important now than ever before to be on top of your tax situation as it is highly variable to the COVID chaos going about.
Among this uncertainty, the best step to take is to file as soon as possible, if you have not done so already. It’s better to be safe than sorry with your tax situation than to be blissfully unaware of the tumultuous changes happening on a seemingly daily basis. Taxfyle is a means to leverage a network of On Demand Licensed Tax Professionals. It has never been more accessible to talk to a CPA for personalized services.