IRS Deadline Notice—March 23rd, 2020

As we all scan the internet for positive news on COVID-19 aka the Coronavirus, we are pleased to share that the IRS has stepped up and done its part by announcing the unprecedented delay of the April 15th tax deadline to July 15th. This dramatic announcement means that there will be no penalties or interest for tax returns filed by July 15th. This extension also applies to 2020 Q1 estimated tax payments. Many states are following the IRS’ lead on this delay as well.

 

Nonetheless, we at Philip Stein & Associates while welcoming the news, also see the announcement as a special opportunity to file your 2019 tax return much earlier than in prior years. Our entire staff is working remotely and we invite you to take advantage of this time when you are also confined to your homes to start organizing your tax materials, reach out to your PSA associate and file your 2019 tax return. With the IRS still ready to process your tax return you stand to get your tax refund quicker than usual. Even if you are not due a refund, imagine that during your summer vacation (we strongly believe that this will come in the end), you will be free to enjoy and not have to think about dealing with your tax return, because you filed it back in April!

 

We at PSA are always looking for the “silver lining” when new rules from the IRS come out, and we believe getting your 2019 tax return done this spring is one of them. As always, we are here to serve you, and we pray that this current crisis passes quickly so that we can return to our daily routines as soon as possible.

 

Rest assured that we are monitoring the situation and will continue to keep you up to date with the latest news from the IRS. This may include an economic stimulus package that you could benefit from.

 

 

 

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