• Corona Virus and April 15, 2020 Taxes

     

     

    Corona Virus and April 15, 2020 Taxes

     

     

    What we know & questions

     

    1. Penalties and Interest for 2019 taxes due are waved for 90 days, this effectively extends the payment due date 90 days.

     

    But what about 2020 estimated taxes?

     

    1. Tax return filing dates have not been extended, but extension of time to file is available by filing a "Request for Extension". 
    1. Governer Northam has requested the due date for Virginia individual and corporation tax payments be extended to June 1.  Tax returns will still be due on May 1 across Virginia, but the date for Virginians to pay any taxes owed will be extended.  Interest will still accrue, but penalties will not apply.

     4.We continue to monitor the AICPA and the Commonwealth of Virginia efforts for further clarification and extension of Federal tax filing deadlines

     

    Very Truly Yours 

    David R Dye, CEP