As spring arrives each year, a lot of focus is given on the looming April 15 income tax filing deadline. For Colorado residents, both state and federal income tax returns must be filed, or an extension must be requested. However, in 2020 the situation may end up being different due to the virus recently deemed a world pandemic known as Coronavirus. This virus, which causes a disease called COVID-19, is forcing the shutdown of many things from schools to major sporting events and more. Now, it may well be the reason that American taxpayers have more time to make their income tax return filings.
According to Forbes, the American Institute of Certified Public Accountants recommended that the Internal Revenue Service grant automatic filing extensions to all taxpayers. In addition, the AICPA recommended relief from the need to file Form 4868 to receive this extension. In normal years, a taxpayer may request an extension to file a tax return and be granted an additional six months to do so but that request must be made via the Form 4868. In addition, tax payments are still due on April 15.
The President of the United States has officially declared Coronavirus a national emergency. This declaration empowers the Treasury Department to extend the tax filing deadline to the end of the calendar year.
The Hill reported that a bipartisan request from Congress has officially called on the IRS to extend the tax filing deadline by 90 days. It is not known yet whether or not the IRS will agree nor how the IRS may address penalties.
