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Coronavirus and Taxes: Frequently Asked Questions (FAQ)

The COVID-19 outbreak is affecting every facet of our lives – including our taxes. Check here for all your FAQs to see how you may be impacted.

Q: Has the government extended the filing deadline?

A: Yes, the federal government has extended the April 15 filing deadline for 2019 tax returns to July 15, 2020. Please check with your tax preparer about whether or not your state extended the deadline.

Q: Has the government postponed the deadline to pay my taxes?

A: Yes, as a result of extending the filing due and as a result of a previous postponement, the time for taxpayers to pay their 2019 taxes is extended until July 15, 2020. Please check with your tax preparer regarding any postponement available for your state tax. Q: Is April 15 still the last day I can make an IRA contribution for 2019? A: No, the last date to make an IRA contribution is the same as the tax return filing due date so you now have until July 15, 2020 to make the contribution.

Q: Are Corporation taxes affected by the extended filing due date?

A: Yes, the filing due date for calendar year C-corporations has also been extended to July 15, 2020. As a result of extending the filing due date, the payment of taxes and filing of estimated taxes has also been extended.

Q: Are estate and trust income taxes also extended?

A: Yes, the estate and trust income tax return due date been extended to July 15, 2020. Therefore, any tax payments are also extended.

Q: If I can’t file my return by July 15, what can I do?

A: You can file an extension using Form 4868 which gives you until October 15, 2020 to file your return.

Q: What about relief for other types of tax filings?

A: The IRS has not provided a payment extension for the payment or deposit of any other type of federal tax (including payroll taxes and excise taxes) or for the filing of any tax return or information return.

Q: Is there any tax relief for other types of tax filings that are late?

A: Yes, taxpayers may seek relief under certain provisions of the tax code that allow the IRS to waive penalties by reason of casualty, disaster, or other unusual circumstances, the imposition of such addition to tax would be against equity and good conscience.

Q: What should I do if I have an appointment with my tax preparer in the near future?

A: Most are now handling appointments remotely by phone, email and documents exchanged digitally by secure means. You should contact your tax preparer for details.

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