Tax Day 2020 will be July 15, 2020
They say the only things that are guaranteed in life are death and taxes, but COVID-19 managed to disrupt one of those. In mid-March the Internal Revenue Service announced Americans would receive an extension to file their federal incomes taxes.
"I think the reason they did it was to give the American public a break," said Traci Fitting, a tax manager at Ketel Thorstenson, LLP. "We had the market kind of tanking at that point, and potentially have taxes due, well, let's give the market time to recoup and make those taxes due later and give people time to recover from everything that was going on."
Fitting said this tax season has been like no other-- their offices have been closed, which changes the dynamic of working with clients.
"It's been a much different tax season, and we're still in it," said Fitting. "Normally, April 15, we push, we get out as much as we can, we extend what we have to, but then we get to take a little break, re-charge our batteries so to speak, and then we've got that 5 and 6 month time frame for those next extension deadlines."
Business taxes have also been pushed back, and Fitting said depending upon the type of business, the date to file extensions has also been pushed back.
She said a new challenge is the shortened amount of time before the next season. Fitting also said being organized is key to making the tax process as seamless as possible.
"The biggest effect is remembering that we didn't file the taxes in April, they're still coming due if you didn't get your information in," said Fitting. "I have clients calling me now, saying 'oh my gosh, I forgot the deadline. I know you called me and told me and warned me, but it snuck up on me.'"