APRIL 15 IS APPROACHING. EFFECTS OF THE COVID-19 PANDEMIC ON TAX RETURN FILINGS
As you all know, we are facing a global pandemic with the emergence of the COVID-19 virus. Arizona currently has over 100 cases, and this number is expected to grow over the coming weeks. Even scarier is the fact that there are many more undetected cases which could put each and every one of us in danger. As this pandemic has affected each and every one of us, we want to take a moment and give you some legal information on issues that are affecting us. This information is for educational purposes only.
On March 21, 2020, the Treasury Department and the Internal Revenue Service released a statement that provided an automatic extension to file and make payments for the 2019 income tax filing year for individuals and businesses in response to the COVID-19 Outbreak.
The new Tax Day is July 15, 2020! This change includes the filing and payment deadline; however, the internal Revenue Service urges taxpayers who are owed a refund to file as quickly as possible. For those who can't file by the July 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request an extension to file their return. https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed
Additionally, the state of Arizona has followed suit and extended the tax deadline to file and pay until July 15, 2020. For more information see https://azdor.gov/news-events-notices/news/ador-extends-income-tax-deadline-july-15-2020
How Does This Really Help?
Traditionally a person that ends up owing taxes to the Federal and State on the filing deadline is responsible for paying that balance by April 15, 2020. For those who fail to pay the outstanding balance to the government will be charged penalties and interest. Contrary to popular belief, a taxpayer who files for an extension within the proper time period is not exempt from being charged some fees and interest. With both the IRS and AZDOR extending the filing and payment tax deadlines, this gives millions of Americans the opportunity to focus on their families' health and safety while allowing those families to not to face a dire ultimatum and be penalized by the government.
Thank you for taking the time to read this blog. We will continue to bring you updated information on many other topics including stimulus checks, auto loans, home mortgages and other topics effecting you and your family during the current COVID-19 pandemic.
Questions or Comments:
If you have any questions about the above information, please contact our office at 602-910-7525 or through our contact form. Additionally, if there are any other topics you would like covered or legal questions you have related to COVID-19, please submit your questions or suggestions via our “Contact Us” form.
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