Did you miss filing taxes on April 15th? That's ok, deadline this year is July 15th
As many of you know, the Treasury Department and Internal Revenue Service announced earlier this week that Tax Day would be moved from April 15th to July 15th, offering an additional ninety days of time to file and to pay taxes owed. The automatic extension covers federal returns and some states (check individual state listings). This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
The October 15th extension remains optional, but it does require paperwork filing. At Fulfer and Associates, Inc., we recommend early filing, especially if you expect a refund.
With IRS reducing its staff, the processing times will surely increase and the backlog of returns and refunds correspond right along with it.
IRS has recently launched its People First Initiative, focusing on providing immediate relief to people facing uncertainty surrounding tax liabilities. The initiative focuses on several aspects, including Installment Plans and Offers in Compromise. This could serve as a great “reset” opportunity for a number of taxpayers. Details on both of these plans can be found at www.irs.gov.
Please contact our office if we can help you file your return or answer any questions. We understand this is a difficult time for everyone, and tax season is often stressful enough for many. Please allow us to use our nearly fifty years of experience to assist you down this winding road. You may view our website at www.fulferandassociates.com. Alternatively, you can reach Deonna Fulfer Osborn, CPA, at firstname.lastname@example.org or at 214-912-5217 (cell phone, as many of our staff are working remotely during this time of emergency). Take care of yourselves and each other.