WASHINGTON, D.C. -- The IRS is extending this year's tax payment deadline by 90 days in direct response to the impact of coronavirus on the economy.
The U.S. Secretary of the Treasury announced the tax reprieve today which will extend the current April 15 tax payment deadline to July 15.
The move gives Americans three months more than they normally would have to file their income tax returns for the 2019 tax year, without incurring interest or penalties.
Locally, Wealth Financial Partners of Liberty Corner is stressing the importance of conducting tax preparation consultations with the company remotely to limit the risk of the virus spreading.
"For everyone’s well-being and safety we propose doing the meeting virtually," said Walter F. Pardo, chief executive officer and owner of Wealth Financia Partners. "We are here in the office if you want to reach out to us."
On March 13, Congressman Josh Gottheimer (NJ-5), along with Congressman Paul Mitchell (MI-10), asked the IRS to extend the individual and business tax filing deadline by 90 days to provide certainty for individuals and small businesses and relief from filing and payment penalties during a public health crisis and volatility in the market.
“I commend the IRS for following through on our request so that we can allow North Jersey residents more flexibility to pay for their housing, child care, and medical care, and to help small businesses pay employees at a time when consumer demand is unpredictable,” Gottheimer said. “It is vital that our federal government be taking immediate action like this to provide certainty for individuals and small businesses at a time when we’re facing a public health crisis and volatility in the market.”