Tax Filing Extensions
Tax Deadline Extension Helps Arts Relief
Pentacle remains dedicated to continuing to provide a high level of support to artists during these extraordinary circumstances. Alongside many other key and respected organizations in the field, we have begun accumulating and curating resources for artists and organizations experiencing income loss and other troubles as a result of the COVID-19 crisis.
We know many of our artists have intricate tax seasons due to multiple income sources and therefore file extensions. Due to Covid-19, we recommend that you think strategically about the timeliness of filing your personal income tax returns.
The IRS has extended the deadline to file and pay federal income taxes to July 15, 2020, three months after the normal deadline to send in your returns. This extension will give you more time to file returns and make tax payments without the threat of interest or penalties. You should check the specific state filing policies of the states you are filing in, as each state has adopted its own policy in regards to extensions.
The IRS is still processing refunds as they are filed, so you should file as soon as you are able if you are expecting a refund after filing your 2019 return. In addition to your refund, the IRS will calculate and automatically send the economic impact payment based on your 2019 tax returns. If you have not filed yet, they will base it on your 2018 filings. If you have not filed your 2018 tax return, you will need to file immediately in order to be eligible for the economic impact payment. For expedited payments, choose the direct deposit option over a paper check when filing.
If you have specific questions about your 2019 filing, please contact your accountant. For additional help with tracking your daily finances, check out Pentacle’s Bookkeeping program.
Pentacle-nextSTEPS | Date 4.06.20
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