Levins Tax Law
Schedule your initial consultation:
866-485-7019

News stories are confusing. Don't miss important IRS deadlines

With everything that is going on across the country right now, the federal government is making certain concessions to help the public. One of them has to do with the IRS and income taxes. The news reports may not have been clear enough, and as a result, taxpayers here in Massachusetts and elsewhere could end up in trouble with the IRS.

The deadline to pay taxes is moved 90 days from April 15. However, federal income tax returns or a request for an extension must still be filed by April 15. What this does is allow people who owe an additional 90 days to pay the amount due without fear of incurring penalties or interest. All other deadlines remain intact.

In recent reports, Treasury Secretary Steven Mnuchin encouraged individuals who will receive a refund to file their returns as soon as possible. This could provide additional funds needed while many individuals are not at work due to recent events. Individuals who owe up to $1 million can defer their payments for up to three months. The prevailing logic is that this should cover taxpayers who own small businesses. The question each one will need to ask is whether it would be advantageous to take advantage of this payment extension. 

Before anything else, it is important to remember that the extension is for payments only. Taxpayers still need to file their federal income tax returns with the IRS by April 15 unless they file for a six-month extension. To help determine whether delaying payment would be worth it, Massachusetts residents may benefit from consulting with a tax attorney. Most likely, tax attorneys here and across the country are diligently keeping up with the changes as they occur.

No Comments

Leave a comment
Comment Information
Email Us For a Response

Resolve Your Tax Problems

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Framingham Office
1671 Worcester Road
Suite 304
Framingham, MA 01701

Framingham Tax Law Office

Boston Office
38 Newbury Street
6th Floor
Boston, MA 02116

Boston Tax Law Office

By Appointment Only