Tax filing season continues this year even as the usual April 15 deadline has passed. Due to the ongoing coronavirus pandemic and a backlog of returns continually piling up at the Internal Revenue Service (IRS), the federal government extended the timeline for filing this year without any penalty. A similar move was made last year when the tax season deadline was pushed back an additional three months and hoping to aid citizens while assisting the IRS in processing returns, similar action was recently implemented. However, citizens should be aware of the changes and their impact on specific filing dates.
Even in normal years there are pros and cons to filing an extension
and a granted extra few months can help those who need to organize their information. There are often various circumstances which possibly impact the tax filing window causing individuals to need an extension. As everyoneâ€™s situation is unique, the circumstances surrounding individual filings can differ. This year, an automatic extension has been applied but the details should be examined so no filing deadlines, tax payments, or submission of your return is missed.
New Due Date
The new tax filing date for individual returns is currently May 17, signaling a one-month automatic extension for federal return filing. Currently, only the additional month delay applies as there will likely not be any more time granted this season.
For residents of Colorado, income tax due dates have been automatically pushed back to October 15. Similar to the federal return added month, there is no formal filing needed in order to receive the extra time as it is administered automatically.
Even with the automatic extensions, tax payment due dates can still be a little tricky. These apply only to the filing of a return and not any tax owed (if applicable). Should you owe taxes for either a federal or state return, it should be paid by the new May 17 deadline in order to avoid having a penalty applied. In addition, for those individuals who submit quarterly tax payments, the first installment remains due on its typical April 15 date.
Although it doesnâ€™t apply to any payments on tax, a formal extension for submitting federal returns can still be turned in prior to the May 17 deadline. If accepted, individual taxpayers will be granted until October 15 in order to file their return. This coincides with the already scheduled Colorado state tax return due date.
If youâ€™re ready to file a return or need help determining exactly when payments are due or refunds may be sent, then let the tax professionals at Bloch Rothman and Associates
assist you today. In addition to providing answers to your tax 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 quality tax service, our group can also complete all types of returns or answer 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, donâ€™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!