July 15 is the new April 15 in 2020. And taxpayers are down to less than 48 hours to submit tax returns.
Maxx Taxx Owner Danielle Herren said if you cannot file your taxes by Wednesday, you can submit an extension to file. Herren said that is not an extension to pay.
“It’s going to be tough to get a tax preparer right now, but if you feel like you owe and you need to do an extension, it’s best to talk to somebody about how best to do that,” Herren said. “I do a lot of extensions in which I pay in estimated tax just to try to medicate the penalties.”
The IRS is expecting over 150 million returns from individuals. As of last week, some 139 million returns had been filed.
Herren said COVID has not only changed the tax due date, it has impacted those who had already filed and may be due a refund. She said the IRS remains under-staffed because of COVID.
“It just so happened that some of them didn’t get their refund,” Herren said. “So around March 15 when operations started to close, their refund is legitimate and there’s just some little comma or there’s an i not dotted, or there’s some kind of quirk in the system, I am still unable to secure those refunds for families that need it now more than ever.”
Herren said a lot of tax preparers and accountants are under the gun now because they spent so much time helping individuals and businesses with the various COVID programs.
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