OK, things are getting real when the IRS says you don’t have to FILE or PAY until July 15!
Let’s break it down. The Federal Deadline to File & Pay has been automatically Extended from April 15 to July 15. Many State Deadlines have been extended to an assortment of dates as well, and others are scrambling to make their own decisions. Georgia is matching the Federal deadline of July 15. Bottom line, tax deadlines are now a clust.. er, confusing.
We strongly recommend you FILE your taxes by April 15 if you can so that none of this confusion affects you. Once filed, PAY other states (not Georgia) by April 15 if you owe, so you don’t have to worry about their deadlines. Then, decide if you want to PAY the IRS and Georgia or hold onto their money until the July 15 deadline. Definitely, FILE NOW if you think you’re getting a refund; the IRS isn’t going to pay you interest and is pushing to get refunds out in 1-2 weeks! States, like Georgia, are going to be VERY strapped for cash with the filing/paying extension and their budgeting legalities, so you may not see those refunds for a loooong time!
If you cannot file until after April 15, but will definitely file before July 15, and only have Federal and Georgia income tax, the extension is automatic. In all other circumstances, we recommend filing a normal 6-month extension before April 15 (just ask us to do it) instead of trusting the “automatic” extension will cover you for both the IRS and other State deadlines. Penny and I have already brainstormed a multitude of ways trusting our government could end badly! Use your imagination!
The Deadline for FEDERAL 1st quarter estimated tax payments has also been extended to July 15, and if you’re being adversely affected by this economic calamity, you may want to reduce or even skip either your first or second quarter federal estimated tax payment.
We plan to keep normal tax season business hours through April 15 and then reassess. Many of our clients are choosing to use our TeleTaxPrep service rather than come into the office. I’m happy to walk you through that process if you want to give it a try. Just call or email me.
TeleTaxPrep:
Basically, get your tax documents to us any way you can. Snail mail, UPS, FedEx, fax, email, or the awesome preferred method, SecureFilePro (our Encrypted Portal – like the Dark web, but safer!). We work on them for a few days and then contact you for some Q&A (phone or email). Once everything is finalized, we get some permission signatures (the same forms you’ve always signed) and payment, usually by that awesome SecureFilePro system, and you’re set. No traffic! No germs! Only limited human contact!