Deferment

While during normal times you might have to speak with your CPA or accountant about applying to defer tax payments. During the coronavirus pandemic it’s taken care of for you. The IRS states that the deadlines have been extended to July 15, 2020 to file and pay.

“The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. For other information about the COVID-19 virus, people should visit the Centers for Disease Control and Prevention (CDC) (https://www.coronavirus.gov) for health information. Other information about actions being taken by the U.S. government is available at https://www.usa.gov/coronavirus and in Spanish at https://gobierno.usa.gov/coronavirus. The Department of Treasury also has information available at Coronavirus: Resources, Updates, and What You Should Know,” According to the IRS website.

Tax Refund Payments

If you have already filed and are wondering when to expect a refund payment, the IRS had this to say, “The distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. Social Security beneficiaries who are not typically required to file tax returns will not need to file to receive a payment. Instead, payments will be automatically deposited into their bank accounts. However, some people who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. When more specific details become available, we will update this page.”

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