What To Know About Taxes And Covid-19
Recently, the Treasury and IRS issued guidance on deferring tax payments due to Coronavirus (COVID-19) and a new federal tax deadline for the tax year 2019.
The Treasury and IRS also announced the deferment of federal tax payments, interest-free and penalty-free, for 90 days, until July 15. Individuals and self-employed taxpayers can defer up to $1 million for tax year 2019 federal tax payments.
This deferment also applies to tax year 2020 estimated tax payments previously due on April 15, 2020. That means if you owe money on your federal taxes, you will get more time to pay what you owe.
Lisa Greene-Lewis, TurboTax CPA and tax expert joined me to provide information on what this latest guidance means for tax filers, and how they can still file and receive their tax refund, from the comfort of their home.
