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The information disseminated by governmental agencies tends to change rapidly and sometimes daily. Right now, few things are certain, and many people are just trying to keep up, including many here in Missouri. What everyone knows is that the annual ritual of submitting income tax returns to the IRS is still on the lists of many people. The question now is what the deadlines are for filing and payment.
Just days ago, it was announced that taxpayers owing money could postpone their payments until July 15. However, they still needed to get their returns to the IRS by April 15 or file an extension to receive additional time in which to do so. Perhaps that decision caused enough confusion that those rules have changed once again.
Now, federal income tax returns are not due to the IRS until July 15, which is also the new deadline for paying any taxes owed without any penalties or interest. Putting these dates in line makes it easier for everyone to keep track of what is happening. In addition, it gives individuals more time to put together the money owed or to determine whether to find an alternative to paying the entire amount owed at once.
Of course, those expecting a refund are free to file as quickly as they can. The IRS is continuing to review tax returns and issue refunds even though many of their operations are curtailed for the time being. Missouri residents who rely on their refunds can rest assured they will still receive them. Only those who may need to pay need to worry about the new deadlines.
Tax attorneys across the country are undoubtedly closely monitoring the situation in order to keep people informed. In addition, they are continuing to assist their clients in maximizing their credits and deductions in order to pay as little in taxes as possible. The actions of the IRS, the Treasury Department and other governmental agencies are unprecedented right now, and working through the confusion and keeping up with the changes needs to be a group effort.