IRS 2019 Tax Payment Update (as of 3.30.2020)
Updated: Mar 30, 2020
FILING DEADLINES HAVE CHANGED
PAYMENT DATES HAVE CHANGED - READ BELOW FOR DETAILS
UPDATE: This post has been updated as of March 30, 2020, after the announcement of the change in the tax filing deadline for federal and for North Carolina.
Let us be clear what this news means for taxpayers. Whether you are expecting a refund or you wish to request a six-month extension to pay your taxes owed to the government - the filing date has changed to JULY 15, 2020!
We are continuing to work as we always do and we know that is important especially for those who are expecting refunds.
What does this mean for you?
That you are now being allotted extra time to file your federal income taxes by the July 15 deadlines but, for state income tax filing, YOU STILL NEED TO FILE BY APRIL 15, 2020. Or, if you wish to ask for a six-month extension for your owed payment, then you need to do so by April 15. If you're expecting a tax refund, it is still strongly encouraged that you file your taxes by April 15.
Important Notice: NC Department of Revenue Extends the Time to File Income and Franchise Tax Returns to July 15, 2020: The deadline to file or ask for an extension for your NC state income tax is now July 15th, 2020. However, interest will accrue (and no penalty) on any tax payment due on April 15th. The extension applies to individual, corporate and franchise tax bills in North Carolina.
"On March 19, 2020, the Department of Revenue (“Department”) announced penalty relief for taxpayers paying income tax due on April 15, 2020. On March 20, 2020, the United States Department of the Treasury and the Internal Revenue Service (the “IRS”) announced the due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020. In response to the extension of the federal April 15, 2020 deadline, the Department of Revenue (“Department”) will automatically extend the time to file State income and franchise tax returns originally due on April 15, 2020 to July 15, 2020. The extension applies to income and franchise tax returns originally due on April 15, 2020, from individuals, corporations, partnerships, trusts, and estates." -Source: NCDOR.gov
We, here at Peridot Consulting strongly encourage you to continue to stick with your plan for filing taxes as usual - especially if you are expecting a refund from the government. This latest announcement was basically to allow US Citizens more time to do the tax work during this heightened stress environment.
Our Peridot tax team is working tirelessly to ensure all your questions are answered and your tax concerns are dealt with. Please don’t wait till the last minute to deal with this for your personal or company taxes. Keep in mind that and reach out to us with any questions or tax help.
For updated information directly from the IRS, go here.
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