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HideIMPORTANT NEWS: The IRS has officially pushed out this year’s tax filing and payment deadlines from April 15 to July 15, 2020 due to the ongoing COVID-19 Coronavirus pandemic. Learn more on how this will affect your tax return.

Impact of The Coronavirus on the 2020 Tax Season

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In today’s address from the Oval Office, the president Trump spoke about the government’s plan in the upcoming days to take on the coronavirus, and the steps to alleviate the pressures the virus created for many.

Besides the 30-day ban on travel from Europe (the US citizens would be exempt), request for Small Business Administration (SBA) to provide market with liquidity by extending low-cost loans to businesses, waive co-payments for the virus treatment by the insurance agencies, and protections to Americans without paid sick time, there was a fiscal relief proposal.

The president asked the Treasury Department to defer tax payments without interest or penalties. At this point is it still uncertain who will qualify for those extensions to file taxes, but this year’s tax season may not officially close on April 15th. Given that the crisis may not end anytime soon, the extension to file taxes could last all the way to the beginning of summer.

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