As the novel coronavirus (COVID-19) is beginning to increasingly impact our communities, we wanted address some questions that are likely in everyone’s minds.
Most of the country is aware of "Social Distancing" and "Flattening The Curve" by now. The most important thing for everyone is to do whatever is necessary to stay healthy and avoid unwittingly spreading the virus to others.
However, you may not be aware of what the IRS is doing to help taxpayers, or it may have been unclear. I'd like to help clarify some things.
The Federal Tax Filing deadline has been extended to July 15, 2020
Many states have also extended their filing deadline - check with your state's Department of Revenue or contact us to find out what your deadline is.
If you can file by April 15, 2020, you should - filing early will get you your refund earlier and avoid the mad scramble that always happens right before the deadline.
We have a secure portal for you to safely send your tax documents to us without having to mail or visit our office. Contact your case manager for more information.
Collections Enforcement has been stopped
The IRS has stopped some enforcement actions, including certain levies and collection notices, until further notice in response to the Covid-19 outbreak.
The Treasury Department has also announced it will allow taxpayers to defer tax payments with no penalties or interest.
Coronavirus Relief Payments
Congress is currently working on a relief bill to provide taxpayers with as much as $1200 per person.
This bill was signed into law on Friday, 3/27/2020.
You do not need to sign up to receive your payment.
If you have received a tax refund by direct deposit in the last two years, your payment will be direct deposited. Otherwise, the IRS will mail the check to your last known address.
If you owe back taxes, your payment will not be affected.
If you owe back child support, your payment MAY be affected
If you are a college student and your parents claim you as a dependent on their taxes, you are ineligible.
If you are currently in an installment agreement
If you are currently in an installment agreement, payments due between April 1 and July 15, 2020, are suspended. The IRS will not default any Installment Agreements during this period; however, by law, interest will continue to accrue.
Flatten The Curve
Most states have issued stay home orders. We all need to follow these orders to #flattenthecurve . Please take the necessary precautions to keep yourself and your family safe and healthy throughout this crisis. Contact our office if you have any questions about your case. Please visit the IRS Coronavirus Response page for updated information.