Due to the COVID-19 pandemic and surrounding current events, the IRS has extended the deadline for filing 2019 taxes by an extra 90 days. Tax filings for 2019 will now be due on July 15, 2020. This change is effective only for individuals’ personal 2019 federal income tax returns. The due dates for personal state and local income tax returns vary by state and locality – Illinois has currently extended their due date to be in-line with the new federal due date of July 15, 2020.
There will be no penalties or interest charged individuals who file after April 15, 2020, but before the new deadline of July 15, 2020. This extension grants individuals a grace period for filing during the ongoing COVID-19 outbreak. The 90-day extension was put into place in an effort to help citizens being affected by the virus and the closures, social distancing, and quarantining that is now widespread across the country.
Individuals must comply with the new tax filing deadline of July 15, 2020, or else be subject to applicable penalties and interest. If you are unable to file by this new date, you must take the appropriate steps to contact the IRS and show reasonable cause for the inability to file by the new deadline.
While this time extension only to individual tax returns, if you have not yet filed your 2019 federal and state corporate or partnership income tax returns, Evolve Financial can work with you to get those tax returns filed, and we will work directly with the IRS and state agencies on your behalf to see if any assessed penalties and/or interest can be abated.
If you have not already filed your 2019 personal and/or business income tax returns for 2019, or have questions about how this extension may directly affect you, Evolve Financial Services is here to help. At Evolve, we use proven solutions to help companies and individuals navigate all of the financial challenges they may face, while setting you up with the advantages you and your business need to succeed.
Contact us today by phone at (847) 749-1851 or by email at firstname.lastname@example.org to get started on a strategy for your business.