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The Trump Administration has signaled that it may change the due date for tax filing this year in light of the COVID-19 pandemic. The outbreak of the respiratory disease has upended numerous institutions, and the CDC has recommended people avoid crowds as a direct result of the outbreak. The US Stock Market has struggled to recover after panic over the pandemic tanked stock futures.
It is unclear at the time of this writing if the administration will go ahead and push back the tax filing due date. We don’t know when it would be pushed to. S-corporations and partnerships normally must have their taxes in by March 15, while individuals need to have their taxes in by April 15.
The March 15 deadline has already passed for S-corporations and partnerships. Still, it is unclear what the federal government plans to do about the April 15 individual deadline. Accountants, tax lawyer firms and individuals are without guidance at present about what they should do with their taxes.
Earlier in March, treasury Secretary Steven Mnuchin recommended that all Americans be issued a tax reprieve to give them more time to file in light of the pandemic. The Trump administration, additionally, called for such a move. Neither has offered a formal path forward for such calls, however, and it’s unclear what people should expect.
Check back for updates about the actual tax deadline.
If your taxes are almost done, just go ahead and get them finished up so you can file ahead of the original due date. There’s no reason to delay when the exact due date remains unknown. The sooner you file, the sooner you can get a tax return back.
However, if you owe taxes, simply prepare your tax documents and save as much as you can ahead of the presumed April 15 deadline.
If you’re certain that you’ll need an extension on filing your taxes, don’t wait for news. File for an extension with the IRS now. There’s no guarantee that the executive branch will actually extend the deadline, so you should prepare for that contingency.
Remember, no matter what the government decides to do, the ultimate responsibility for filing your taxes accurately and on time falls to the taxpayer. It doesn’t fall to their accountant or tax preparer. As such, you need to be prepared in advance and file in a timely manner.
