If you have not yet filed your tax returns for 2019, you are not alone — and now you have more time. Because of the COVID-19 pandemic, people and businesses are being given more time to file tax returns. Here’s where things stand today:
The IRS extended the April 15, 2020 tax filing deadline by 90 days to July 15, 2020 for individuals. The extension is free of penalties and interest on any amounts owed. Anyone who needs additional time may request an automatic 6-month extension by completing and filing IRS Form 4868 by the July deadline.
The filing deadlines for S-Corporations, LLCs, Sole Proprietorships, Partnerships and Non-Profit Organizations have been extended as well.
The states of Missouri and Illinois have also extended their tax filing deadlines to July 15, 2020. Some states may have different deadlines, which are posted on their respective Department of Revenue websites.
July 15, 2020 is the new deadline to file a return for the city earnings tax in the City of St. Louis.
If you are owed a refund, the IRS encourages people to file sooner rather than later. According to the website, most refunds will be issued within 21 days. Filing electronically and setting up direct deposit ensures the fastest refund.
Filing a federal return now might also help you receive a payment from the federal stimulus package known as the CARES Act. Checks and electronic payments of up to $1,200 are expected to be issued the second half of April 2020.
With a combined 30 years in family law, the attorneys at Jones Family Law Group, LLC, will provide the legal guidance you need. For questions or to schedule a confidential consultation, contact our team.
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