UPDATE 3/20/20: Treasury Secretary Mnuchin announced today that the IRS WILL EXTEND the tax filing deadline for 2019 tax returns. Since most tax returns are filed online, he said that the deadline will be moved to July 15, 2020.
While many consumers are struggling to deal with the repercussions of COVID-19, this announcement provides clarity on the responsibilities and expectations that the government has for the 2019 tax season and specifically for those who may be out of work, unemployed, or have a significant reduction in income.
Previously, the IRS had extended the payment requirements, but now American's will have a little more time to get their taxes filed. However, Mnuchin and the President "urged taxpayers who might receive refunds this season “to file now to get your money.” The average refund check was $2,973, according to IRS data.
Marylander's are expected to have the same requirements for state tax filings.
If you have been confused by TurboTax or need help during this challenging time, please contact us. You can book a virtual appointment or phone call to get your tax questions answered and prepare for the tax filing deadline. We are your local CPA Tax and Accounting firm and we will continue to keep you informed as information becomes available.