There is a lot of news circulating about how the 2019 tax deadline has been extended until July 15th 2020. That is not actually case.
As of this writing there has actually been no change to the annual tax filing deadline. The deadline to file your 2019 personal tax return is still April 15th, 2020. If your taxes are not filed on time or if you have not filed an extension by April 15, the IRS could potentially impose a “Failure to File” penalty.
What the Secretary of Treasury announced is a 90 day deferment of any payments due without penalties or interest. If your the amount you owed the IRS was not paid by April 15th, the IRS would impose a “Failure to Pay” penalty. This penalty is different than the the “Failure to File” penalty mentioned above. Now Individuals are able to defer up to $1 million in payments and businesses can defer up to $10 million. So, while 72% of taxpayers usually get a refund each year, the other 28% will have be given a little extra time to send in the tax they owe.
Smart is here and ready to help make sure you meet the tax deadline on time