You can take an extra Ninety (90) days to file your tax return amid coronavirus outbreak
Taxpayers can take some extra time to get their tax returns to the Internal Revenue Service as the nation copes with the spreading coronavirus.
Treasury Secretary Steven Mnuchin said during the administration’s daily coronavirus briefing that taxpayers can defer filing and paying any taxes they would owe on April 15 by 90 days interest-free and penalty-free.
Mnuchin said taxpayers should try to make the April 15 deadline, but they could take the extra time and avoid penalties and interest charges for any money they owe.
It covers all individual taxpayers who may owe up to $1 million in taxes. Mnuchin said the $1 million figure was so high because it covers small businesses that operate as pass-through entities, such as Limited Liability Companies (LLCs).
It also coverage corporations for up to $10 million in taxes owed.
The IRS is ready to pay people their tax refunds, he said.
New Jersey is expected to mirror the federal government’s decision.
But now that you have extra time, should you take it?
Please stay safe and be healthy.
Werdann DeVito, LLC