Reminder – Tax Time Has Arrived!

Yes, the coronavirus extension expires on Wednesday.  Federal and state taxpayers have until the end of the day on July 15 to file their 2019 income tax returns and make payments.

As almost everyone knows, the Internal Revenue Service and the Minnesota Department of Revenue granted a 3-month reprieve from the normal April 15 deadline because of the coronavirus emergency.

So, on Wednesday, we’re back to the normal taxpaying procedures. Taxpayers who still cannot finish up their 2019 returns by then can file for an automatic extension on federal Form 4868. It postpones the date for filing the return to Oct. 15 but payments of any 2019 taxes are due on July 15.

People who pay estimated taxes throughout the year also must send in their first two payments for 2020 – normally due on April 15 and June 15 – to the federal government.  Minnesota did not extend its deadline for those quarterly estimated tax payments, so they were due as scheduled.

The IRS made a special point last week of asking taxpayers to file electronically because of limited staffing.  “Taxpayers who filed a paper tax return and expect a refund may experience a delay beyond the normal time frame of four to six weeks from the time they mailed the return,” the agency announced.  Electronic returns typically result in refunds within 21 days, the IRS said.

More information is available at IRS and Minnesota Department of Revenue Web sites. Both have COVID-19 pages. Here is Minnesota’s:  https://www.revenue.state.mn.us/our-response-covid-19

For a more detailed assessment of your own situation, feel free to contact tax specialist Eric Buechler, www.ericjohnltdcom .

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