The Investigators: What does the new tax deadline mean for your refund, tax bill?

The Investigators: What does the new tax deadline mean for your refund, tax bill?

MEMPHIS, Tenn. (WMC) - The deadline to file your taxes has been pushed back to July 15.

Treasury Secretary Steve Mnuchin made the announcement on Twitter Friday.

For years, tax day has been on April 15. Due to the coronavirus pandemic, the day will be moved.

According to the IRS, there is no need to file an extension.

If you owe money, you will be able to keep it for another three months.

“If there’s an economic downturn, it may be that money is needed,” said Paul Berryhill, Senior Tax Manager at Reynolds Bone & Griesbeck.

Berryhill says you may want to file early if you’re owed money by the government.

“This doesn’t impact the timing of refunds so if you’re expecting a large refund then I would do what I can, in accordance to CDC guidelines, to file my return on time,” said Berryhill.

Depending on your situation, some CPAs can do tax returns via phone or online.

As for his business, Berryhill said it’s slow right now because people don’t want to meet in person. However, he said the change is safer right now for CPAs and those filing their taxes.

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