Federal Tax Deadline Extension

Federal Tax Deadline Extension

In the fast-moving and ever-changing environment surrounding the Coronavirus pandemic, the U.S. Treasury announced that the tax filing deadline of April 15, 2020, will be pushed back to July 15, 2020. This was a change of course from earlier announcements only days earlier.

Earlier this week, Treasury and the IRS announced that they would allow certain payments to be deferred from April 15 to July 15. However, they stopped short of changing the actual filing deadline. This payment deferral was met with lukewarm response because taxpayers would still have the burden of filing either a return or an extension by mid-April.

In response, the Treasury has now announced that it has pushed back both the filing and payment deadlines to July 15. This will allow taxpayers additional time to gather materials and file their taxes in the midst of the COVID-19 pandemic.

Despite the extended deadlines, if you anticipate receiving a refund, the federal government is urging taxpayers to still go ahead and file sooner rather than waiting for the extended deadline.

In the interest of social distancing to help mitigate the transmission of COVID-19, per CDC guidelines, we suggest the following:

  • Many institutions offer 1099s, 1098s, K-1s, etc. for electronic download. If you have not already done so, you may want to research this online option and go to irs.gov to locate forms.
  • If you still prefer to meet with your advisor, please call or email them beforehand to coordinate the meeting. Some advisors are working remotely and may need to plan ahead.

While we urge you to take the impending healthcare crisis seriously, we want to encourage “preparation not panic.” The professionals and support team at Aspen Legacy Planning invite you to call us if we can be of any help to you or those for whom you care. We offer a wide array of professional services in the areas of estate planning, elder law, and transitional care planning. We’re here to help you. Thank you for taking the time to read this important message.

Take care of yourself and each other.

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