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We wanted to inform you of some important 2019 tax filing information in light of the current Novel Cornonavirus (COVID-19) pandemic.
- The 2019 individual income tax filing deadline is still April 15, 2020.
- The Treasury Department is allowing a deferment of 90 days (July 15th) to pay any 2019 federal income taxes that are owed, up to $1 million for individuals and $10 million for businesses.
- Estimated federal income tax payments for the first quarter of 2020 which would normally be due on April 15th have been given a 90 day deferment (July 15th).
- During this 90 day deferment period, taxpayers will not be subject to interest or penalties.
- Missouri will be applying these same deferments for any 2019 Missouri income taxes that are owed and estimated income tax payments for first quarter 2020.
- Any 2019 contributions to retirement plans (i.e. IRAs) or college savings plans (i.e. 529s) are still due by April 15, 2020.
In review, your individual income tax return still needs to be filed by April 15, 2020. You do not need to file anything special to take advantage of the payment deferment. Make sure that your payment(s) is(are) made by July 15, 2020.
If you should have any questions about how these changes might affect you, please feel free to contact our office. We thank you for the trust you have placed in us, and we hope you and your family remain healthy and safe.