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Upcoming Deadline: Submit Your Tax Filing Extensions and Extended Estimated Payment by July 15

small business CPA

For most, the extension to file 2019 taxes was a welcome relief. Due to the coronavirus pandemic, the IRS extended the deadline to file taxes for FY 2019 until July 15, 2020.

 

Is There a Penalty for Missing the Deadline? 

Interest and penalties will become effective on July 16, 2020, for any unpaid balances. Corporations and individual taxpayers will avoid penalties if they pay their taxes by July 15th. 

 

What if I Can't Meet the Deadline? 

 The IRS realizes that meeting the July 15th deadline may not be possible for all taxpayers. Individual taxpayers who require an extension to file their taxes may request a filing extension from the IRS by completing Form 4868 using tax software, the Free File link on the IRS website, or a tax professional. Corporations can contact a small business tax advisor for assistance filing Form 7004. An extension will be granted to file taxes until October 15, 2020. 

 

Are Tax Payments Required for the Stimulus Checks? 

 The stimulus checks issued to Americans by the IRS is considered an advance payment on a special kind of tax credit for 2020. Therefore, it is nontaxable. 

 

Is the Rebate Reduced if I Owe Back Taxes? 

 The IRS will not lower the rebate for individuals who owe back taxes, as it will not use the stimulus money to offset past-due taxes and other types of state or federal debt. Rebates are only reduced if individuals are delinquent on their child support payments. 

 

Are Unemployment Benefits Subject to Taxes? 

 Unemployment benefits are subject to federal taxes. They may be subject to state taxes, too, depending on where you live. Currently, 33 states in the US are taxing unemployment benefits. 

 

About Scott Boyar 

 Scott Boyar, a Charlotte CPA, has been recognized as a leader in the "Top 3" accounting firms in Charlotte, NC. Scott is available to help you meet the July 15th tax filing deadlines, request an extension, or answer any questions that you have. Scott offers tax support and bookkeeping services for companies and individual taxpayers. Tax returns, full-charge bookkeeping, monthly bookkeeping support, Quickbooks training, and starting a business are just a few of Scott's expert services. Scott's expert services are available year-round to ensure success and compliance for all clients. Contact Scott Boyar, a Charlotte CPAonline or by calling (704) 527 2725 for more information and assistance.

Posted by Scott Boyar CPA

 

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