Penalties, interest waived following tax day extension

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CHARLESTON, W.Va. (WTRF) – The U.S. Department of the Treasury has recently extended the tax deadline in 2020.

It’s an effort to help businesses and individuals that have been affected by the coronavirus pandemic.

It also provides an additional three months to not only file your taxes for the 2019 tax year but also to pay any balance you might owe.

Any payment delayed until this time will not result in any penalties or accrued interest.

A lot of people, especially small business may owe money. It will defer that payment 90 days for them so that in these time with the coronavirus where there may not be a lot of cash flow because they are shut down or whatever, it gives them the opportunity to wait 90 day maybe they will be back in business, cash flow will be better. It will be easier for them to file and make payments.

Jason Haswell, Managing Director – Monteverde Group

The extension is automatic. In other words, you don’t need to file to take advantage.

Anyone who needs even more time after the July deadline will have to file for the standard tax extension until October 15.

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