tax services hickory nc

2020 Tax Filing Season

Here you’ll find items of current interest — new programs, recent guidance or timely reminders.

2020 Tax Filing Season

The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the July 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request an extension to file their return.

The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15.

Recent tax law changes have extended or changed many expiring tax law provisions, including:
Treatment of mortgage insurance premiums as qualified residence interest
Reduction in medical expense deduction floor
Deduction of qualified tuition and related expenses
Energy efficient homes credit
Employer credit for paid family and medical leave
Work opportunity credit
Special rule for determining earned income
Repeal of maximum age for traditional IRA contributions
Increase in age for required beginning date for mandatory distributions
Expansion of section 529 plans
For a complete list of affected tax law provisions see the Joint Committee on Taxation List of Expiring Tax Provisions 2020.

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