Vickney & Associates CPA SC

Amidst the uncertainty of this COVID-19 pandemic, there is a silver lining that the 2019 Federal Tax filing deadline has been automatically extended to July 15, 2020. Wisconsin has also extended its 2019 filing deadline to this date. What do you need to know about this extension? The pros at  Vickney & Associates share answers to five of the most frequently asked 2019 tax filing questions.

1. Can I still file now?

Of course! In fact, the sooner you file, the sooner you will receive your tax refund.

2. When will I get my refund?

According to the Treasury Department, you should still expect to receive your refund within the normal time period, which is usually within 21 days of electronic filing. This timeframe is the same for your Wisconsin state tax refunds. Note that filing a paper refund is still fine, but could delay your refund by as much as 12 weeks. 

3. What if I need more time beyond July 15, 2020?

You can request a federal extension by completing Form 4868 by July 15, 2020. This extension would give you until October 15 to file your return, but any payments are still be due by the extended payment deadline of July 15, 2020.

4. How does this extension impact 2020 estimated tax payments, such as self-employment tax estimates?

Both first quarter 2020 tax estimates and any payments typically due on April 15, as well as the second quarter due on June 15, 2020 have both been extend to July 15, 2020.

5. What about unclaimed refunds?

The typical April 15 deadline to claim a refund has also been extended to July 15, 2020. By law, you have three years to claim a refund, which means refunds as far back as 2016 qualify for this extension. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. The law requires you to properly address, mail and ensure your tax return is postmarked by July 15, 2020.

Get Tax Help at a Safe Social Distance from Vickney & Associates

Our staff at Vickney & Associates makes health and safety a top priority during the COVID-19 pandemic. We’re available online or by phone at 262-673-6322 to help you with any aspect of your taxes or accounting needs during Wisconsin’s stay-at-home order. Please drop off any paperwork in a sealed envelope in the box inside our door, or call us ahead to arrange a pickup time at your convenience.