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Tax Day is July 15th this Year

The coronavirus pandemic has caused unprecedented challenges for taxpayers across the country this filing season. To help, the Internal Revenue Service (IRS) and the Treasury Department have extended the deadline for filing individual tax returns for tax-year 2019 to July 15, 2020.

Now, taxpayers generally have until July 15, 2020, to file and pay federal income taxes that were originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due, if filed on or before this extended due date.

Individual taxpayers who need extra time to file beyond the July 15 deadline can apply for an extension until Oct. 15, 2020, by filing Form 4868. Remember, an extension to file is not an extension to pay any taxes owed. Taxpayers requesting additional time to file should estimate their tax liability and pay any taxes owed by the July 15 deadline to avoid additional interest and penalties.

Most states have extended individual income-tax deadlines until July 15. For the latest information specific to your state tax filing deadlines and requirements, the AICPA is keeping track of the latest developments here.

For the most up-to-date information about coronavirus tax relief, visit the IRS website.

Tax Deadline Delays Mean More Time to Make 2019 Retirement Contributions
“The COVID-19 pandemic is first and foremost a public health crisis, and people’s safety and wellbeing should be their primary concern. If you are able to pay your essential bills, and you have enough savings to sustain you through a potential job loss, consider contributing to your retirement savings/account. The extension of the federal tax filing and payment deadline to July 15, 2020 also extends the amount of time you have to make contributions to IRAs and HSAs for 2019.”

-Mark Astrinos, CPA/PFS, member of the AICPA Personal Financial Specialist Credential Committee.

Make the most of your economic impact payment (aka your stimulus check)
As eligible Americans prepare to receive their stimulus checks, the AICPA wants to remind taxpayers that now, more than ever, sound money management skills are crucially important. Check out this 360 article that details a range of options for how to best use the funds to help weather this unprecedented economic shutdown while protecting your financial future. The article also covers who is eligible, what you need to do to get your check, and other frequently asked questions about how the payments work.

Don’t be fooled by Coronavirus-related scams
Be wary of emails, calls or text messages requesting information. To help Americans avoid falling victim to scammers using the COVID-19 outbreak to try to steal their personal information and money—this 360 article details the types of scams being perpetrated and provides tips to help Americans navigate them and avoid being targeted.

Do’s and Don’ts for Getting Cash in a Pinch
It is understandably hard to think clearly in a financial crisis. For those Americans who have found themselves in a financial pinch where they need money ASAP, this 360 article shares 10 available options, listed from ‘best’ to ‘only as a last resort’ along with pros and cons for each.

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