Here's the Back Story
The COVID-19 virus has had a global impact, affecting all aspects of our lives. Telework has increased dramatically, as there has been a federal and local initiative to adopt social distancing as the new normal. As part of a federal emergency plan, President Trump and the Treasury of State has agreed to extend the tax deadline of April 15th by 90 days.
Who Does it Affect?
You, Me, and Irene. As of March 21, 2020, this extension applies to all taxpayers: federal and state taxpayers. Additionally, this extension allows taxpayers who owe money to defer their payments.
What Does this Mean for You?
You now have until July 15th to file your federal and state taxes.
Continue to prepare your financials to make your tax filing experience easier for you and your tax consultant. Although there has been an extension, we are recommend filing as soon as possible. If you are guaranteed a refund, it is best to file sooner than later. Do not wait until the last minute to begin filing.
If you need to defer any payments owed, there are options granted to you under this tax extension. Talk with your VAAS Pro Consultant to understand what this means for you and your business. If this is an option you are considering, note that you will not be penalized or incur any interest during the deferment period.
How Can VAAS Pro Help?
Connect with your VAAS Pro Tax Consultant immediately to file your 2019 taxes. Utilize our Business and Individual Tax Organizers to make your preparation experience easier. Our consultants will continue to help you identify tax strategies, re-payment options if applicable, and fill out Form 4868 for individual taxpayer extensions.
If your income is affected by COVID-19 and the practice of social distancing, reach out to your VAAS Pro Consultant. We can help you plan to defer your tax payments and fill out Form 7004 for business owners in need of any re-payment extensions.