At President Trump and the Coronavirus Task Force Hold Briefing on Tuesday, Treasury Secretary Steven Mnuchin announced changes for tax season aimed at bringing relief to individuals and businesses during these uncertain times. While ordinarily taxes must be filed by April 15th–unless extra time is requested correctly and granted–the federal government is allowing many to defer payment for ninety days.
Secretary Mnuchin did advise that those who can still file by April 15th should try to do so. The earlier one files, the sooner they can receive their refund, money that is sorely needed by many whose jobs and businesses are currently on hold.
Senate Finance Committee Chairman Chuck Grassley (R-Iowa) released a statement following the announcement commending the President and Treasury’s actions. “This is a commonsense step to afford individual Americans and businesses access to financial resources they need during this time of economic and social disruption,” Grassley said. “This will allow individual filers, small businesses and corporations more financial flexibility in the months ahead as the country faces continued fallout from the coronavirus.”
This is not the first time the IRS has extended deadlines. The move typically comes after natural disasters as a relief to those affected. Last year victims of severe storms, flooding, and tornadoes in South Dakota qualified, as did Texas victims of Tropical Storm Imelda. The IRS has also extended the date in the face of technological challenges: in 2018, taxes were due on April 18th after an e-filing outage.
Related: What Procedures to Take if You Closed Your Business During the COVID-19 Epidemic
In addition to keeping abreast of state changes, there are several Coronavirus changes to filing that are becoming familiar to many. Many states ask that citizens make use of online options as much as possible, instead of in-person filing. Georgia’s Department of Revenue posted a notice at the top of their site: “Due to concerns regarding COVID-19, the DOR is encouraging all taxpayers to conduct their business with the DOR through online services. The DOR offers a number of motor vehicle and tax-related services online, without the need of in-person interactions.”
To help individuals and small businesses keep up with the many changes this tax season, the American Institute of CPAs has created several resources to help track developments as they happen. Those still unsure should reach out to the IRS for more details.
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