March 17, 2020
Will the new coronavirus impact my taxes?
The COVID-19 pandemic has impacted almost every facet of our lives. Schools are closing, offices are having workers work from home when possible and grocery stores are starting to have shopping hours for high-risk shoppers only.
Will the next official announcement result in a change to our taxes?
It is very possible the new coronavirus will impact our tax filings. At this time, we know it is likely the Internal Revenue Service (IRS) will change the annual income tax filing deadline. The deadline is traditional held on April 15.
Two pieces of evidence that support this likelihood include:
- Call for change from lawmakers. Due to the pandemic, lawmakers from New Jersey and Michigan officially called for the agency to push back the deadline by at least three months. These Congressmen sent a letter to the IRS with this recommendation.
- President encourages delay. President Donald Trump also stated he supports a delay in the filing deadline in his recent address to the nation.
Unfortunately, the agency has yet to announce such a change as of Monday, March 16.
What should taxpayers do during these uncertain times?
At this time, it is likely wise to relax and watch for updates. Do not panic about filing your tax returns. If possible, it is helpful to gather and organize documents within your home and online that would be used to help file returns. This will ease the process when you are able to either file on your own or meet up with a tax professional.
Do not hesitate to reach out if the filings result in questions from the IRS. Tax attorneys are experienced in these matters and can provide guidance to better ensure your rights are protected.