Due to COVID-19, this year’s deadline to file taxes was pushed back to July 15. That gives folks 14 days from the date of this paper to get everything in order and file. Becky Myers of Marr, Miller & Myers, PSC of Corbin fills us in on what we need to know as the clock ticks down to Tax Day 2020.
When asked about some of the top things to remember as it pertains to filing taxes this year, Myers said, “If you don’t file by July 15, then you will have to get an extension filed to extend the time to October 15. Any IRA contributions for 2019 must be made by July 15 in order for them to be counted on last year’s return. If you have any taxes due, then the penalty and interest waiver was only for the period of April 15-July 15.”
Myers continued, adding, “All business property returns are due on July 15. The waiver from the May 15 normal filing date only extended the date for mandatory filing to July 15, so even if you do extend your personal tax return, it doesn’t extend this deadline. Finally, the first two estimated tax payments for 2020 (normally April 15 and June 15) are also due July 15.”
Speaking on more specific issues, Myers said, “We are seeing that our clients are having a hard time getting all of their records together. When the shutdown happened, the urgency to get returns done by April 15 was gone. Now that the deadline is approaching, they are scrambling to get it together.”
In addition to getting all tax info together as quickly as possible leading up to the deadline, Myers also suggested checking the IRS website for answers to questions, including those related to COVID.
“The IRS is just now returning some of their employees back to work,” Myers explained. “So a lot of the stimulus questions can finally be answered. The website, www.irs.gov, does have some COVID-19 resources that attempt to answer stimulus check questions, but it has been manned remotely so it can be frustrating to use. If someone doesn’t receive one during the year, then they will be entitled to receive it when they file their 2020 tax returns, if they are eligible.”
Speaking about ongoing concerns related to COVID, Myers said, “I would think that all offices are still abiding by COVID-19 requirements. If someone is not comfortable with just dropping their information off at their preparers office and communicating over the telephone, then they would probably need to file an extension.”
In one last piece of advice, Myers addressed the issue of missed tax filings, saying, “If you have delinquent tax returns, you need to file them ASAP in order to prevent levies, etc. If you can’t pay in full, then you can enter into an installment arrangement with the IRS/Department of Revenue and make monthly payments.”
Heed this advice from a tax pro so you won’t stress on July 15!