If you haven’t had time to keep up with the tax news for this week, we’ve got you covered. The IRS recently announced that it will NOT be extending the July 15 deadline for filing 2019 taxes. This announcement comes after Treasury Secretary Steven Mnuchin recently mentioned their consideration of a further postponement to September just last week.
The IRS Commissioner Chuck Rettig released a statement for those who expect to pay 2019 taxes:
“The IRS understands that those affected by the coronavirus may not be able to pay their balances in full by July 15, but we have many payment options to help taxpayers,” said Rettig. “These easy-to-use payment options are available on IRS.gov, and most can be done automatically without reaching out to an IRS representative.”
The IRS also provides many resources for those looking for the latest information and guidance on coronavirus tax relief. This includes tax tips, frequently asked questions, fact sheets, and even YouTube videos. You can find the full list of coronavirus tax relief resources on the IRS website.
If you need more time to file, you’ll want to file for an automatic extension of October 15. There are many reasons why a tax extension makes sense. If you are self-employed, you can give yourself more time to fund your retirement plans. An extension also gives you more time to sort out your deductions and can help improve the accuracy of your return.
We’ve also provided more tips for filing by the July 15 deadline on our blog.
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