Tax Filing Updates Amidst Coronavirus

^{March 31, 2020}

By: W. Perry Rountree, CPA
^{Cobb CPA Services, P.C.}

As the world is dealing with the outbreak of COVID-19, also known as Coronavirus, every individual, business and government agency has had to make some changes to their daily operations.

In addition to suspending face-to-face service throughout the country, the IRS has also issued guidance that allows individuals to defer income tax payments up to one million dollars from April 15, 2020 until July 15, 2020. Corporate taxpayers may defer up to ten million dollars of income tax payments until July 15, 2020.

They have also extended the filing deadline from April 15, 2020 until July 15, 2020. 

This does not prevent you from filing earlier if you are able to. The IRS is still processing refunds for returns that are currently filed and will continue to do so throughout this period.

Each state will make the decision as to whether they will follow suit in their decision to extend deadlines or not. Here in Georgia, the Governor announced that the state of Georgia will follow the lead of the Federal government and extend the due dates. 

It is advised that those with filing requirements in other jurisdictions check with the appropriate taxing entity for that jurisdiction for any changes to due dates. 

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W. Perry Roundtree, CPA Cobb CPA Services, P.C. Learn more about Perry and Cobb CPA Services by visiting the website.