If you haven’t filed a tax return for several years, or you cannot afford to pay prior year taxes owed, then this post is for you.

When do I have to file my Virginia state tax return?

JUNE 1 , 2020. 

Although the federal return is due by July 15, your Virginia state tax return is due JUNE 1 - a mere two weeks from today.  If you haven’t already done so, gather your tax documents ASAP and prepare your taxes.  Filing an extension only gives you additional time to file your tax return, it does not extend the date to pay your taxes.  If you do not pay your state tax balance due by  JUNE 1 then penalties and interest will be charged to you.


Do I need to continue making payments on an Existing Installment Agreement?

NO.  

From today through July 15th, you can stop making payments under Existing Installment Agreement, payments.  If you are unable to meet the payment terms or your payments, you are electronically withdrawn, then you can cancel payments during this period with no penalties.  Keep in mind that by law, the IRS has to continue to charge interest on the unpaid balance.  Be sure to resume making payments after July 15th.

Can I pay my 2019 tax due in Installments?

YES.  

If you cannot afford to pay 2019 taxes due then you can arrange for installment payments.  The application is submitted with your tax return, and payments can be spread up to 5 years.  You can select the amount of payment you can afford each month, and you can select the day of the month you want the withdrawal to occur.

I haven’t filed for several years, am I in trouble?

NO.

Not only are you NOT in trouble, you are not alone.  In fact, more than 1 million households who haven't filed tax returns in the last three years are owed refunds. The deadline to get refunds on 2016 tax returns is July 15, 2020.

Your comments and questions are always welcome.  Please feel free to pass this information along to those who you believe will benefit from this information. And if you have additional questions on any of this information, or are looking for tax planning advice, please do not hesitate to reach out to me.