As part of the federal government’s response to the economic impact of the coronavirus, Tax Day has been moved from April 15, 2020 to July 15, 2020 – a three-month extension. Both individuals and businesses have until this new deadline to both file their taxes and make a payment on anything owed. Quarterly estimated tax payments that were set to be due on June 15 have also been pushed back to July 15. Additionally, no penalties or interest will accrue during the extension period.

Also remember that state tax filing deadlines don’t necessarily match up to the federal changes.

Your tax advisor can confirm any changes to the state process and help you determine the best overall course of action for filing. If you’re likely to receive a refund, for example, it’s smart to file sooner rather than later.

Given so many sweeping changes in the tax landscape, working with your tax advisor is more important than ever to make sure you don’t miss out on any potential benefits from the IRS. While you may be accustomed to in-person meetings to go over your tax documents, help is still available via remote meetings.

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