Fountain Valley News - Your Hometown Community Newspaper

Most tax deadlines extended

 

Last updated 3/25/2020 at 5:31pm



The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Colorado has extended its deadline to July 15, too, and county property taxes won’t be due until Aug. 1.

Federal taxes

Taxpayers can defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief.  Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days. 

“Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically,” said IRS Commissioner Chuck Rettig. “Filing electronically with direct deposit is the quickest way to get refunds. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds.”

The IRS will continue to monitor issues related to COVID-19, and updates will be posted on a special coronavirus page on IRS.gov.

This announcement comes following the President’s emergency declaration last week pursuant to the Stafford Act. The Stafford Act is a federal law designed to bring an orderly and systematic means of federal natural disaster and emergency assistance for state and local governments in carrying out their responsibilities to aid citizens. It was enacted in 1988.

Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people.

Colorado taxes

The Colorado Department of Revenue (CDOR) said its extension will be similar to the IRS extension. However, this payment extension applies to any qualifying income tax payment, regardless of the amount.

Coloradans will now have the option to pay any 2019 income tax payments that would normally be due on April 15 by July 15, without penalty or interest. This extension only applies to money owed by taxpayers for the 2019 tax year. 

Taxpayers who are required to make estimated income tax payments for the 2020 tax year are also being granted an extension. Estimated payments due on April 15 and June 15 may be paid any time on or before July 15, 2020, without penalty.

To help keep the public informed, CDOR has set up a COVID-19 page for all updates and changes related to taxes, deadline extensions, services and penalties: www.Colorado.gov/Tax/COVID-19-Updates.

El Paso County taxes

El Paso County Assessor Steve Schleiker has extended the 2020 Personal Property Declaration Schedule filing from April 15 to Aug. 1. Schleiker also waived all penalties and possible arbitrary assessments for all El Paso County businesses for tax year 2020. 

“Due to these unprecedented times, I have decided to extend the 2020 Business Personal Property Declaration Schedule filing,” Schleiker said. “El Paso County business owners have far more important things to worry about than submitting another tax form. I hope this decision reduces a bit of anxiety for all our business owners.”

Usually, business owners owning more than $7,700 in total actual value of the business personal property —like manufacturing equipment, computers, or business furnishings, signs — are required to complete and return either forms DS056 or DS060. The forms are normally due to the Assessor by April 15 and help the County determine what taxes are owed for that equipment. School districts, area cities, and the State of Colorado benefit from the tax. None of the money collected goes into the County’s general fund.

While the Assessor’s Office is closed to the public through April 6, citizens can still get services done. If anyone needs help, they can e-mail [email protected] or can visit the office’s website at http://assessor.elpasoco.com.

 

Reader Comments
(0)

 
 

Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2020

Rendered 09/25/2020 02:03