ATLANTA - After a nearly three-month reprieve because of the COVID-19 pandemic, the tax filing deadline is fast approaching. It's Wednesday, July 15. There was some talk about extending the deadline again, but that’s not happening.
From Emory’s Goizueta Business School I talked to a tax accounting associate professor Usha Rackliffe who has this sage advice: Don’t be late.
"Especially if you owe money, it’s very important to file taxes by July 15 even if you don’t have the money to pay because the penalties will start to kick in if you don’t file. You at least have to file."
A lot of weird things have undoubtedly happened since April 15 – lots of unemployment issues, stimulus checks - but some of this you don't need to worry about right now.
"The stimulus checks that people got, $1,200 a person," Professor Rackliffe added, "those checks, the IRS has spoken to the issue and has said this is not income and this is not going to be taxed."
But the uemployment checks will be taxable income, but not until next year.