Next years taxes WILL probably due in April…
So filing late will compress the time you would have to pay if you OWE taxes for 2019 before 2020 kicks in…
The delayed returns ARE gonna screw up the books for the state and Feds since they will be paying OUT tax refunds and Fed’s giving out checks of $1,200 to $2,400….
The country IS dropping into a recession….
Unkown how deep….
Gov. Andrew M. Cuomo on Friday moved the deadline to file state income tax returns to July 15 from April 15, matching the move by the federal government and aimed at easing the financial crunch amid the coronavirus outbreak.
“This act takes the burden off all taxpayers who are struggling to meet their current tax filing and payment obligations amid everything else that’s going on around us,” said Cindy Hockenberry, director of tax research and government relations at the National Association of Tax Professionals based in Wisconsin.
“We all hope and pray that over the next three months this pandemic will ease and life will return to normal,” Hockenberry said. “If taxpayers need more time to file, we encourage them to file for an automatic extension using Form 4868. Keep in mind, however, that tax payments are currently due July 15, 2020 even with a valid extension.”
The delay further tightens the bind in which the state finds itself because revenues have already been dramatically reduced due to the impact of the virus on the stock market and business and payroll taxes.
“When you move the filing deadline, it means you won’t get any money between April and July,” Cuomo said. “That could be $7 billion to $8 billion. The only way I get to sleep at night is because it’s every state … it’s going to have to be a situation this nation addresses and this state addresses, and we will. But today, one crisis at a time … I won’t put a price on a human life.”
The federal government earlier said the postponement could leave $300 billion in the hands of taxpayers during the delay and bolster the fractured economy….