Tax Bulletin: Amid Coronavirus Fears, IRS Grants Automatic 90-Day Filing & Payment Extension

It is in Allegiant’s DNA to provide the highest level of service and commitment to clients, especially during these more trying times. With that in mind, we would like to remind you, as of Friday, March 20, the U.S. government has decided to postpone the April 15 tax-filing and tax-payment deadline by 90 days, pushing the new effective deadline to July 15, 2020.

The postponement for both tax filing and tax payment comes as an unprecedented move to help ease some of the economic impact and suffering caused by the coronavirus pandemic.

This relief applies to all individual returns, trusts, and corporations.

As it relates to those who have already filed their tax returns for the 2019 year, the IRS will continue with their tax processing. Keep in mind, the option to file a six-month extension remains, moving the original April 15 deadline to October 15. To comply with IRS rules and guidelines, one should submit Form 4868 requesting the 6-month extension before the April 15 tax filing deadline. In most cases, the extension request will be granted by the IRS. We recommend consulting your accountant or CPA to further discuss these matters.

Click here to read more about the Coronavirus Tax Relief announcements from the IRS.

As always, your Wealth Advisor team is here for you and is happy to answer any questions you, your family or friends may have.