Changes for paying taxes

It’s safe to say it’s been a crazy few weeks, here and right across the world, as we all feel the effects of the Coronavirus is one way or another. We’re staying on top of the situation for our clients, which seems to change by the day.

We’ve put together a quick recap of the changes announced with paying taxes.

On Tuesday March 17th, the Treasury Department announced that taxpayers will be able to defer paying their taxes for 90 days. That moves it from April 15th to July 15th. BUT…there are some things you need to know:

The filing deadline has not changed, that is still April 15, 2020.

  • An extension is required to extend the filing of your 2019 tax return.
  • Income tax payments for returns with a due date of April 15, 2020, can be deferred until July 15th without interest and penalties as long as you follow required procedures.
  • Estimated tax payments for tax year 2020 that are due on April 15, 2020 are included in this mandate.
  • New York has NOT changed the payment deadline as of this time.

You can read more about this on the Treasury website.

If you have any questions or concerns, please do not hesitate to reach out to us. We wish you all good health in the coming months.

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