| admin

April 15 tax extension

As the impact of the Coronavirus has spread, many people have been asking for guidance about how this might impact your 2019 taxes. On March 13, the President issued an emergency declaration that empowered IRS to extend deadlines for affected taxpayers. In this instance, affected taxpayers are…everyone.

However, it still falls to the IRS to determine when and how to extend relief under these provisions. Many outlets have been reporting that a blanket extension of time to file was being granted. At this moment, that is not the case. What the IRS has done, as outlined in IRS Notice 2020-17, is to suspend penalties and interest for any 2019 tax payments due by April 15, and for the 1st Quarter 2020 estimated tax payment, also due April 15. This gives all taxpayers until July 15 to make these payments without fear of penalties or interest being charged.

Keep in mind that this does not extend the filing date of April 15. If you are not prepared to file a final 2019 return before April 15, you do still need to file for an automatic extension. This also means the deadline to fund HSAs or IRA contributions remains April 15.

This is obviously an unusual time with almost daily changes. We will keep our website and Facebook page updated with the latest information as circumstances change.

Call 850-668-2228 or Message Us Online Today!

Watson & Associates, PA, Certified Public Accountants is a full-service professional CPA firm founded in 2002. We provide personalized, professional service to each of our clients.

We are committed to providing a website that is accessible to the widest possible audience, regardless of technology or ability. It’s the Watson way. We are actively working to increase the accessibility and usability of our website by using the guidance provided by many of the available web accessibility standards and guidelines. Watson does not discriminate on the basis of religion, age, race, ethnicity, national origin, gender, marital status, or disability. In order to further our commitment to inclusion, we are working to ensure our website adheres to Level AA World Wide Web Consortium (W3C) Web Content Accessibility Guidelines (WCAG) 2.1. These guidelines detail best practices for ensuring assistive technology users can access the site. If you find information or functionality which is inaccessible, please contact us at 850.668.2228 or info@mywatsoncpa.com.

© 2021 Watson & Associates. All rights reserved. Powered By MOXXI MARKETING