A CPA's Guide to the New Later Tax-Filing Deadline
April 15 has become synonymous with tax-filing day ... but not this year. Due to coronavirus concerns, the IRS has decided to give taxpayers until July 15 to safely complete their returns and file them.
The announcement, made on March 20 via Twitter by Treasury Secretary Steven Mnuchin, doesn't have all the blanks filled in yet. But this is what we know so far:
Q: My taxes are already done, and I know that I owe money. I should just wait until July 15 to file and send in my payment then, right?
A: If you have already completed your tax return, you should still send in your return as soon as possible but can delay submitting payment until the new July 15 deadline. By filing your completed 1040 earlier, you will have more time to make and plan for the potential financial moves necessary to arrange your payment. It also allows the IRS to review your tax return and agree to your tax liability. In the event you made an erroneous , claimed a you should not have, or made some other arithmetic mistake, you will have more time to prepare in the event the IRS disagrees with the information stated on your return.
