Covid-19 Update on Taxes
In response to Covid-19, the federal government has made several changes to the tax filing season, introduced economic stimulus packages and enacted legislation to provide financial relief to taxpayers.
The IRS has extended the traditional tax deadline of April 15, 2020 to July 15, 2020. Taxpayers can still request additional time to file their tax returns (for up to 3 months) but will have to make their tax payments by July 15th.
The Coronavirus Aid, Relief and Economic Security Act allows eligible taxpayers to receive stimulus payments up to $1,200 for individuals, $2,400 for joint taxpayers and $500 for each qualifying child. The stimulus payments will be automatically deposited in taxpayers' bank accounts if the IRS has their direct deposit information on file from 2018 or 2019 tax filings. However, if you haven't filed your 2019 return or received your stimulus check yet, the IRS has recently announced that they will use prepaid debit cards instead of printed checks to reach taxpayers more quickly. Please feel free to contact me if you have any questions about the Covid-19 tax update or need assistance with filing your taxes.