The Tax Filing Deadline Has Been Extended Due to COVID-19


         After much confusion during the COVID-19 pandemic, and as we have seen it touch every aspect of life, the Internal Revenue Service (IRS) has moved the deadline to file tax returns. The deadline has been extended from April 15 to July 15. This is only reasonable since COVID-19 are on the rise and we all need to follow directions from officials to protect our health. However, with this provision, other things have changed.
          At the press conference on the morning of March 17, it was stated that businesses and individuals could defer tax payments ($1 Million for individuals and $10 Million for corporations) without the fear of penalties or interest for 90 days. At that time, people were still being strongly encouraged to file by April 15. Now that the filing date has been moved, there is no limit on the amount that can deferred. Penalties and interest will not begin to accrue until July 16. At this point, these changes only apply to Federal Tax Payments and Federal Tax Returns. We are living in unprecedented times and the IRS is struggling to keep up. Things are changing day-by-day and hour-by-hour. We will do our best to keep you informed about how COVID-19 is affecting taxes. In the meantime, keep safe and stay physically distant, be healthy, and let’s remain connected to each other.

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