COVID-19 IRS Filing Changes

Filing Your Taxes

 

Taxpayers will get three additional months (7/15/2020) to pay their 2019 income tax liability without penalties or interest.  As part of its coronavirus response, the federal government will give filers 90 days to pay income taxes due on up to $1 million in tax owed.  Taxpayers won’t be subject to interest and penalties from April 15th to July 15th. This includes your first quarter Federal estimated tax payment.

 

If you have already filed your tax return and you have a balance due, your payment deadline has already been extended to July 15, 2020. Colorado has also extended the tax filing and payment deadline. You should still get your 2019 income tax return into the federal government as soon as possible, especially if you’re due a refund and need cash.

 

This is an extremely fluid time and the situation continues to evolve. As things develop, we are continuously evaluating and updating our approach to your accounting needs. This is what we know so far and we will continue to communicate as the circumstances unfold.

 

We here at BiggsKofford, CPA understand that current events have complicated all facets of life and strive to remain supportive and responsive. This is an extremely fluid time and the situation continues to evolve. As things develop, we are continuously evaluating and updating our approach to your accounting needs. This is what we know so far and we will continue to communicate as the circumstances unfold.

COVID-19 RESOURCES