It’s a tax season unlike any other.
During the pandemic, the IRS has extended the tax deadline to July 15. This change applies to both federal and Oklahoma state taxes.
According to local CPA Eric Johnson, the filing deadline isn’t the only difference this year.
Johnson said due to COVID-19, the Oklahoma IRS offices are not allowing in-person visitors.
Instead, Johnson recommends using the tools on IRS.gov, or calling an accountant for help.
With record unemployment, Johnson also explained options for those who cannot pay the full amount owed.
“You can process a short-term payment plan which is 120 days or less. Or, if you owe a significant amount of money you can look at doing an installment agreement which is greater than 120 days,” Johnson said.
While filing for unemployment, there are also steps you can take to prevent big costs next year.
“I’d caution individuals that are receiving those funds to request moneys be withheld for federal and state taxes,” Johnson said.
For employed individuals who have fallen prey to fraudulent unemployment filings, Johnson recommends reporting and destroying any cards or checks you may receive in the mail.
Extensions are still available for filing taxes as well.
“It’s Form 4868. You can download it from the IRS website or even go to some of those free filing software companies,” Johnson said.