The Peck Group, LC - Tax Law
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Tax deadline pushed back 90 days

| Mar 25, 2020 | Tax Law |

Georgia residents who owe less than $1 million in income taxes will have until July 15 to file their most recent tax returns. Corporations that owe less than $10 million will also get an extra 90 days to file a return and pay their income taxes. However, those who are seeking a refund will still need to file their returns by April 15.

Those who are seeking an extension to file their tax returns will still need to do so by the original deadline. The 90-day extension to pay any taxes owed will automatically be applied when a tax return is filed. Assuming that a tax bill is paid in full by that date, the person or entity paying it won’t be charged any penalties or interest. According to the treasury secretary, it is in a person’s best interest to file as soon as possible regardless of their tax situation.

An individual who fails to file a tax return may face significant financial penalties. In some cases, those penalties may be more severe than failing to pay taxes owed or not paying them by the traditional April 15 due date. Corporations that don’t file tax returns or pay taxes could also pay fines or other penalties for not complying with the law.

An attorney may be able to help those who have questions about filing a tax return or assessing whether they have filled out their returns correctly. Legal representatives may also be able to help those who have received a notice from the IRS. It is important to note that receiving a letter from the IRS doesn’t mean that a person or business has done anything wrong. In some cases, an audit may be resolved with a taxpayer receiving a refund.

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