Taxpayers given a reprieve
March 25, 2020
Sheila Harris
For individuals and corporations who have not yet filed a tax return, nor paid taxes if owed, a reprieve has been granted. Mirroring the federal guidance issued by the Internal Revenue Service (IRS), the Missouri Department of Revenue (DOR) tax filing and payment deadline has been extended from April 15, 2020 to July 15, 2020.
According to a press release issued by Missouri Governor Mike Parson, this payment relief applies to all individual income tax returns, income tax returns filed by C Corporations, and income tax returns filed by trusts or estates. The Department of Revenue will automatically provide this relief, so filers do not need to take any additional steps to qualify.
This relief for individuals and corporations will also include estimated tax payments for the tax year 2020 that are due on April 15, 2020.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. Individuals and corporations that file their return or request an extension of time to file by July 15, 2020, will automatically avoid interest and penalties on the tax paid by July 15.
On a local level, Cassville tax preparer Melissa Burchfield, of Burchfield Tax Services, admits to some relief.
“When COVID-19 began spreading, I was prepared to shelter-in-place in my office and work around the clock to ensure that my clients could file by the former April 15 deadline,” she said. “I’ve already been working about 120 hours a week. Now I can take a deep breath and get a little more sleep.”
Shawna Flowers, tax preparer and owner of Sanders Accounting, admits to a little relief, too, especially when the state changed their deadline to mirror that of the U.S. Department of Treasury.
“At first I was still under some pressure,” Flowers said. “I was afraid if Missouri didn’t change their filing deadline, we might have to file extensions for those who owed money to the state. I feel better now, though.”
Burchfield is interested in what kind of economic stimulus package national lawmakers will agree on for the relief of those affected by the detrimental economic effects of COVID-19.
“I recommend that people file their taxes as soon as possible, even though the deadline has been extended,” she said. “If you are entitled to a tax refund, I suspect it might be put on the back burner, in favor of pushing the stimulus package through, once it’s agreed upon.”
Sheila Harris
For individuals and corporations who have not yet filed a tax return, nor paid taxes if owed, a reprieve has been granted. Mirroring the federal guidance issued by the Internal Revenue Service (IRS), the Missouri Department of Revenue (DOR) tax filing and payment deadline has been extended from April 15, 2020 to July 15, 2020.
According to a press release issued by Missouri Governor Mike Parson, this payment relief applies to all individual income tax returns, income tax returns filed by C Corporations, and income tax returns filed by trusts or estates. The Department of Revenue will automatically provide this relief, so filers do not need to take any additional steps to qualify.
This relief for individuals and corporations will also include estimated tax payments for the tax year 2020 that are due on April 15, 2020.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. Individuals and corporations that file their return or request an extension of time to file by July 15, 2020, will automatically avoid interest and penalties on the tax paid by July 15.
On a local level, Cassville tax preparer Melissa Burchfield, of Burchfield Tax Services, admits to some relief.
“When COVID-19 began spreading, I was prepared to shelter-in-place in my office and work around the clock to ensure that my clients could file by the former April 15 deadline,” she said. “I’ve already been working about 120 hours a week. Now I can take a deep breath and get a little more sleep.”
Shawna Flowers, tax preparer and owner of Sanders Accounting, admits to a little relief, too, especially when the state changed their deadline to mirror that of the U.S. Department of Treasury.
“At first I was still under some pressure,” Flowers said. “I was afraid if Missouri didn’t change their filing deadline, we might have to file extensions for those who owed money to the state. I feel better now, though.”
Burchfield is interested in what kind of economic stimulus package national lawmakers will agree on for the relief of those affected by the detrimental economic effects of COVID-19.
“I recommend that people file their taxes as soon as possible, even though the deadline has been extended,” she said. “If you are entitled to a tax refund, I suspect it might be put on the back burner, in favor of pushing the stimulus package through, once it’s agreed upon.”
