TAX DEADLINE 2020: WHAT YOU NEED TO KNOW

In these strange and uncertain times nothing is concrete, not even our tax filing deadlines. On March 11, it was announced that the treasury secretary was working with President Trump to extend the March 16th small business deadline, and also the April 15th individual deadline. On March 17th it was confirmed that individuals could delay payment of their taxes by up to 90 days. The filing of their returns is set to remain April 15th. This includes small business returns as well, with their payment deadline pushed back 90 days from their original March 16th deadline. If you owe on your taxes all interest and penalties will be waived during that 90 day period as long as the return was filed timely.

Don’t forget to check on your individual state deadlines. States such as California and Connecticut have already extended their state filing deadlines as well, but most states are keeping their filing deadlines the same as of now.

Regardless of the deadline there are a few reasons to go ahead and file. Certainly, if you are due a refund you should go ahead and file. So far, the IRS has still been processing and issuing refunds as usual. With jobs working remotely or asking people to stay home this extra income is a welcome help for many.

Watkins and Company is working with our clients as if the filing deadline is the same as every year. We are getting our business clients extensions, if necessary. We are also working on our individual client returns with the April 15th date as our due date.

Although the deadline has been extended, there is the risk of business operations being halted, city and state lockdowns, and other barriers to getting documents from clients and returns completed. We have taken every precaution to ensure that we can work from home, and we have a secure way that our clients can send their tax documents in to us electronically. We want to be sure that our clients are our top priority and there is minimal lag in our business operations. If you are a client or thinking of using us for your tax returns, please don’t hesitate to reach out with us with any questions or concerns you might have.