In response to the coronavirus outbreak and in an effort to ease people’s financial worries, U.S. Treasury Steve Mnuchin announced that the deadline to file income tax returns has been pushed back three months. Lorraine Paceleo, Attorney, Twomey, Latham, Shea, Kelley, Dubin & Quartararo, LLP, says this will provide individuals and business owners the help they need as stores are shutting down and workers are either being furloughed or laid off.
On March 20, Mr. Mnuchin said the deadline to file taxes has been pushed back to July 15 in order to give individuals and businesses additional time to pay their taxes without facing penalties or paying interest. This applies to individuals who owe less than $1 million or corporations owing less than $10 million. The delayed payment deadline includes payments due with the 2019 tax return filing, as well as any estimated payments payable for the 2020 tax year (originally due on April 15). New York Governor Andrew Cuomo announced on the same day that the state’s Tax Department will follow the new federal guidelines.
“By pushing back the payment deadline another three months, it will give the economy a chance to grow,” Ms. Paceleo says. “Plus, it will allow individuals and business owners to hold onto their money a little bit longer. However, if you are anticipating a refund this year, it is best to meet with a tax professional and file as soon as possible.”
Ms. Paceleo, who is also a Certified Public Accountant, concentrates her practice in tax preparation for estate and trust fiduciaries, fiduciary accountings, estate administration and estate planning. She is a member of the Suffolk County Bar Association and the American Institute of Certified Public Accountants.