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Coronavirus/COVID-19 Update

UPDATE: The federal filing deadline of April 15, 2020 for 2019 individual income tax returns has been moved to July 15, 2020, matching the additional time given for making tax payments for related tax returns.

The Alabama Department of Revenue has also updated their tax filing deadline to mirror the IRS's of July 15, 2020.

Additionally, the IRS via their Q&A has confirmed that certain other deadlines that normally fall on April 15, such as contributions to IRA, HSA, and Archer MSA accounts, is now July 15. See their Q&A for full details.

The IRS has offered relief in the form of an extension of time to pay taxes due on April 15, 2020. Those individuals with tax due under $1,000,000 may pay by July 15, 2020, instead of April 15, 2020, and no penalty will apply.

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The full copy of the IRS guidance is here (PDF).

In short, some taxpayers may qualify to wait on paying income and self-employment taxes due on 2019 1040 and 2020 1040-ES (and certain other business returns) for 90 days. For a full summary of any impact to you, please contact us!