The coronavirus creating a global pandemic has resulted in numerous changes for Americans across the country. From work or a personal standpoint the impacts have been unexpected and in some cases - extremely devastating. In an effort to ease the resulting economic burden, federal stimulus packages have been issued and changes made to the ongoing tax season - which has been extended.
Internal Revenue Service (IRS) operations during COVID-19 continue as individuals are requested to file their returns - especially if a refund is expected. Many people were originally on pace for an expected filing prior to the well known April 15 deadline but the coronavirus has significantly impacted businesses and travel. While some accounting and tax offices remain open, there is no doubt the 2020 filing season has been unlike any of its predecessors.
April 15 is a noticeable date for many individuals. Typically, always the date taxes and payments are due for the preceding filing period, the coronavirus impact caused federal authorities to extend the initial filing period. Now scheduled for July 15, federal taxes and payments can be submitted until this point without penalty.
While a majority of states also extended their filing periods to match the federal program, some remain different. Individuals should check with their corresponding state authorities in order to determine exactly what the requirements are for their individual and business returns.
In similar fashion, all federal payments have been granted the initial three month extension but state requirements may differ. For example, Colorado state income tax interest payments have been waived from the original date until the new July 15 deadline.
For federal filings, every individual is automatically granted this initial extension until the new July 15 deadline without having to submit any forms or paperwork. If a formal tax extension is needed then the request must be filed prior to the new deadline and extends the period for three additional months - October 15. Remember, this is only an extension to file and any monies owed must be submitted prior to the July due date.
Once you’re ready to file a tax return in Denver
, if you need help determining exactly what needs to be submitted when, or are in search of answers to any other tax related questions, let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving 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, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!