Question: What do I need to know about filing 2019 taxes in the wake of COVID-19?
Answer: Some major tax filing deadlines have changed, while quarterly deadlines have stayed the same, and both may affect individuals and business owners alike.
Nearly every area of American life and business has been disrupted by COVID-19, and Tax Day 2020 is no exception. Whether you own a business or file your taxes as an employee, below are some quick-hit details to help you navigate the changes in filing deadlines for 2020.
Tax Return Filing and Payment Deadline Relief
- Tax return filing deadlines have been extended from 4/15 to 7/15 for individual, trust, estate, corporation, or any unincorporated business entity filer
- The 2019 IRA contribution period has been extended to reflect the 7/15 tax filing date
- For those filing first quarter 2020 estimates, filing is still due 6/15
Taking advantage of tax extensions is a great step toward positioning yourself or your business for success during COVID-19 and beyond. For more details on resources currently available to business owners, as well as situational examples from the US Treasury Department, IRS and US Department of Labor, click here.