It does not happen all that often that the IRS is offering a helping hand. Following the coronavirus, the tax deadline has been extended by 90 days.
This news is beneficial to cryptocurrency users as well.
The IRS Does the Right Thing
Taxpayers can now delay their filings until July 15,2020.
That gives everyone a bit more time to get their affairs in order properly.
Particularly when it comes to cryptocurrency-related taxes, it is crucial to ensure the report contains all of the necessary information.
It is also worth noting there won’t be any interest or penalties to contend with during this extended period.
It is possible that further delays may come into play depending on the state one resides in.
This delay granted by the IRS is no “get out of jail free” card by any means.
Instead, consumers are still advised to file their tax returns as quickly as possible.
Cryptocurrency enthusiasts who haven’t done so yet may want to get a move on as quickly as possible.
Waiting until the last second to get one’s affairs in order is never a smart idea.
All of this further confirms the impact of the novel coronavirus on society.
When even the IRS is enforcing delays on tax returns, things are getting very interesting.