Federal Tax Updates (Last Update: 3/27/20)

In response to coronavirus, the Treasury, IRS and federal government have announced several changes to the tax filing season and coronavirus relief and stimulus packages. Here is everything you need to know.

The federal tax filing deadline has been extended to July 15, 2020.  Taxpayers getting a refund are encouraged to file their taxes now to get their money. 

Last tax season, close to 72% of taxpayers received a tax refund close to $3,000, which for many taxpayers is their largest paycheck of the year. During times like this, that is much-needed money for many households. The IRS expects to continue to process refunds as normal. The IRS typically issues nine out of 10 tax refunds within 21 days or less from acceptance with e-file and direct deposit – the fastest way to get your refund.

• Do I need to file an extension to file past April 15?  No, you do not need to take any action. The July 15 extension applies to all taxpayers automatically.
• Will the extension of the tax deadline delay my tax refund? No, the IRS expects to continue to process refunds as normal but encourages all taxpayers to file now.
• Do I have more time to contribute to my IRA? Yes, you now have until July 15, to make a 2019 contribution to your IRA.
• Will the deadline for my state taxes also be extended? A majority of states are conforming to the new July 15 tax deadline