Coronavirus has really rocked the world and impacted the way things are done, and that extends to the IRS. Right now, the powerful bureau is not processing any paper returns. They’ve also allowed for an extended filing deadline for taxpayers: July 15 instead of April 15.
With that said, however, amended returns are a bit in limbo right now since those can only be filed on paper. But, if you need to file an amended return and owe money from past years, don’t think you get a free pass. Sure, your return may not be processed for awhile, but those penalties and interest are still accumulating. Thus, pay your tax bills right away. Otherwise, you could end up having to pay much more than you bargained for!
If You’ve Already Filed
If you’ve already sent in your amended return, rest assured that the IRS has received it. However, since they are not processing these returns, you likely won’t hear anything about it for awhile. They have requested that taxpayers avoid filing additional returns. They’ve also requested that taxpayers not ask for a status check on their paper returns. No information is available on them at this time.
Not being able to get feedback or confirmation from the IRS can be troubling, but given the unprecedented times, filers should simply pay their tax bills and wait until they hear further news.
How to
Pay
For those who need to settle tax debts, the best solution is to pay their debts online via one of the IRS’ payment processors. Sending a check is not recommended during this time and, if not received or processed, it could result in a failure to pay penalty.
The Bottom Line
Whether you’ve already filed an amended return or are waiting until the dust clears, the bottom line is that you still need to pay what you owe. The IRS will eventually match your return to what you owe. And, once they see when it was paid, they’ll avoid charging you fines and fees!
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