fbpx

Blog

COVID-19 Tax Deadline Update

John J. FureyApril 14, 2020

COVID-19 Related Information

It is our sincere hope that you are all healthy and safe.

At this time of the year our tax season is normally winding down. However, due to the unprecedented effects of COVID-19 there are new tax deadlines. If you have not already filed your IRS tax return, the new deadline to file is July 15, 2020. If you owe money to the IRS for your 2019 taxes, the new deadline to pay is July 15, 2020. If you are a PA resident, the same July 15, 2020 deadline applies to your obligation to file your tax return and pay any amount owed.

If you are obligated to pay estimated quarterly IRS taxes for 2020, the new deadline to make your 1st quarter payment is July 15, 2020 and the new deadline to make your 2nd quarter payment is July 15, 2020. If you are a PA resident, the same July 15, 2020 deadline applies to your 1st and 2nd quarter PA payments. We will be working to update tax projections for tax clients during 2020 to consider the many changing financial aspects that will impact their taxes.

Almost all states have changed their tax year 2019 filing and payment deadlines to July 15, 2020. A few states, other than PA, have changed their 2020 1st and 2nd quarter payment deadlines to July 15, 2020. We are tracking the quarterly payment deadlines for states where we file tax returns for our clients. Please call or email Katie Koons at 610-651-2777, ext. 121 or katie@hfaplanning.com, if you have a question about your state deadlines for quarterly payments.

If you or someone you know is entitled to an economic impact payment (Stimulus Payment) from the IRS, the first payments are supposed to start going out this week. Here is a link to the section of the IRS website about the payments. By mid-April you should be able to check the status of your Stimulus Payment on the site. Here is a link to learn more about Stimulus Payments. The Stimulus Payments are not considered taxable income.

Our tax team is still working diligently to ensure all returns are completed promptly as information is available to us. If you have any questions about your tax situation, please reach out to your advisor or a member of the HFA team.

 

HFA Website Disclosures