As COVID-19 continues to spread across the globe the reach of this pandemic and its implications on not only those who become infected, but economies, and countries around the world remains largely unknown. While scientists, doctors, and all medical professionals are gaining knowledge daily about potential ways to slow down the spread, it will undoubtedly take time for a return to a somewhat normal state as things were before this pandemic hit.
Already, almost everyone has at least had their lives impacted in some way by the virus. Whether by dealing with work stoppages, new social distancing techniques, or in the most unfortunate of circumstances - personally knowing someone infected or worse, deceased - itâ€™s grasp over the population has been difficult for the public and leadership to control. Adding to the list of changes, modifications, and this evolving timeline is the extension of filing times and payment for taxes by the U.S. Treasury and Internal Revenue Service (IRS).Â
New Deadline - July 15
As most people are aware, historically the filing deadline for taxes is April 15. By this point either returns must be submitted or an extension applied for in order to receive a six month reprieve on turning in the paperwork associated with a return. While this does provide more time, it is not an extension to pay - any monies owed are still due by April 15 in a typical scenario.
However, due to the impacts of COVID-19 across America, this year the deadline has been extended until July 15 for both federal and Colorado state filings - three additional months. Nothing is required to submit and the government is waiving payments, penalties, and interest until this date. The deferred end date will hopefully allow those who may be quarantined or under a â€˜shelter in placeâ€™ order to have time to file.
The original filing date for partnerships and S-Corp entities passed on March 16. However, those businesses who file C-corp returns also fall into the new delayed tax date for filing. In addition, identical to individual returns, the due date for any money owed is also pushed back until the July 15 date.
Currently, the IRS is still continually processing returns and any due refunds should not be delayed at this time.
If you are in need of tax assistance in Denver
or need help filing a business or personal return then let the tax and accounting experts at Bloch Rothman and Associates assist you or your business today. In addition, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, donâ€™t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!