Taxes are still due — just not yet; filing deadline extended
The tax man is still coming, but a little later this year.
The Internal Revenue Service has extended filing deadline to July 15.
Tax day isn’t April 15 anymore; it will now be in mid July. This change took place due to the outbreak of COVID-19.
Taxpayers who have not already filed can defer federal income tax payments that are due from April 15 to July 15 without penalties and interest regardless of what they owe. This deferment applies to all taxpayers as well as individuals who pay self-employment tax.
Additional forms are not required to be eligible for deferment. Individuals who need additional time past July 15, however, can request a filing extension from the IRS.
“Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically,” said IRS Commissioner Chuck Rettig. “Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds.”
The IRS urges taxpayers who are due a refund to file as soon as possible. Most refunds are still being issued within 21 days despite the effects of COVID-19.
“As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding — and your patience,” Rettig said. “I’m incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment.”
The announcement regarding the extended deadline follows the President’s emergency declaration of the Stafford Act. The Stafford Act is a federal law designed to provide funding to US citizens during a time of natural disaster.
As for taxes in Mississippi, the deadline is much different. State taxes are due May 15.
Mary Miller, owner of Miller and Company and certified public accountant says her office has seen a slight increase in preparing returns.
“We’re at about the same level, maybe more,” Miller said.
Miller advises individuals to consult their tax preparer to see if they should take additional action.
“They should always seek the advice of their accountant,” Miller said.
Story by Gracie Byrne