When Is Business Tax Filing Due?
Due to Covid-19 crisis, the never-ending tax season now has postponed and extended its deadline to July 15. Taxpayers have approximately 5 weeks to file their 2019 income tax returns and pay tax owed to the IRS.
The stress that taxes put on accountants is huge. Many have to guide small businesses through the CARES Act and Paycheck Protection Program [link back to our page], and they’re overwhelmed with work right now.
“What we’d normally be doing in March and April is what we’re getting into now,” said Brian Streig, CPA and tax director at Calhoun Thomson and Matza in Austin.
“Now you have all of these tax returns, and we’re getting them all done by July 15,” he said. “We’re in extension mode like we would’ve been back in March.”
Many taxpayers may not know this, but please note that they need to pay any taxes owed by July 15 despite not being able to complete paperwork, which can be asked for an extension until Oct 15.
However, the penalty for not filing is way higher than the penalty for not paying. So, if by any chance that you can’t get your form submitted on time, remember to ask for an extension. By doing so, you can keep your penalties to a minimum and avoid paying a fortune to the IRS.
Tax Day deadlines are listed below.
To check out the link above, please check: