In an unprecedented move, the U.S. Treasury Secretary announced last week that the federal income tax filing deadline for 2019 has been extended to July 15, 2020. This extension gives all taxpayers and businesses additional time to file and make payments for 2019 without incurring interest or penalties.
This extension is precipitated by the current state of the COVID-19 outbreak and the government’s efforts to help lessen the economic impacts of the situation. The filing extension gives businesses and taxpayers the time they need to recover from the economic effects of the outbreak once the crisis has passed, and the economy has once again stabilized.
What’s Impacted by the Extension?
The extended deadline of July 15 applies to the following for the 2019 tax year:
- Filing of federal personal income taxes
- Filing of federal business and corporate income taxes
- Submission of federal tax payments for both personal and business income taxes
- Estimated federal tax payments
Taxpayers may still file for a six-month extension to file returns if needed, but the extension must be in by July 15.
Does this Impact State Tax Filings?
Yes. Both Kansas and Missouri have followed the federal government’s lead and have extended state tax filing and payment dates to July 15, 2020.
Can I Still File My Taxes by April 15?
It’s always a good idea to file your taxes as early as possible. If you have your paperwork together and are ready to file your 2019 taxes by April 15, that’s still preferable. Filing early allows the IRS to spread out the processing of income tax returns, and if you’re due a refund, you may get it more quickly than if you wait until the July 15 deadline. Filing by April 15 (or sooner than July 15) also gets this task off your plate so you can focus on other things.
Stay Up-to-Date on the Latest Changes
Adams Accounting Solutions is up-to-date on the latest tax filing changes at both the federal and state levels. If you have questions about filing your income taxes or need help doing so, give us a call at 913-888-9100.
