So first off, I hope this blog post finds you safe and healthy from your home. We have all been affected by the Coronavirus with our social distancing and financially. It is necessary for us all to keep our eye on the prize of reducing the spread of this deadly virus.
In Pennsylvania, Governor Wolf has closed down all non-life sustaining businesses (if they are not working virtually) including Accounting, Tax Preparation, Bookkeeping, and Payroll Services. When hearing this, I wondered how taxes will get done by April 15th. Today, the Internal Revenue Service announced they changed the due date. Secretary Steven Mnuchin tweeted. “We are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."
Previously, the White House announced they were deferring tax payments until July 15th, but returns would still need to file by April 15. Mnuchin said that individual and small business filers would be able to defer payments of up to $1 million and corporations can defer up to $10 million without incurring interest or penalties.
If you are due a refund you should still file now, "I encourage all taxpayers who may have tax refunds to file now to get your money,” Mnuchin wrote.
The new deadline announced by the administration apply to federal taxes only. It's up to states to set their own deadlines. As of the writing of this blog, I have not seen that PA has extended their due date. I would hope that they will.
Here is a list from the governor of what businesses are open/closed https://www.governor.pa.gov/wp-content/uploads/2020/03/20200319-Life-Sustaining-Business.pdf

Comments