Breaking News: US Government Has Extended Tax Filing Deadlines To 7/15

In an announcement this morning, US Treasury Secretary, Steven Mnuchin, has announced that tax filing deadlines have been moved for all taxpayers and businesses from April 15th to July 15th. Mnuchin said, "we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."

For the full details, please visit the IRS website: https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020.

How does this impact you and/or your business?
In this uncertain time, we are all seeking ways to reduce the economic burden of the shutdown. If you are expecting to pay tax payments this year, the extension allows you to postpone those payments until July 15th without penalty or interest accrual. 

What if I owe and already filed?
According to the IRS website, "If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15." 

Should I file my return before the deadline?
The government is advising individuals who are expecting to receive a refund to still file their taxes. If you are expecting a refund and could or do expect to lose your source of income do to the shutdown, we recommend filing as soon as your return is ready. This way you can utilize your refund during the break in income. 

Will you still be able to work on my taxes during the shutdown?
The Stampone & Associates Team is fully capable of working remotely for the duration of Pennsylvania's shutdown of non-essential businesses. If you have tax documents that you still need to provide, please use our secure portal to submit them. If you have decided to postpone filing, please let our team know immediately so that we may update our records. 

If you have any questions specific to your individual or business return, please feel free to email us at any time.