For many, April 15th normally comes along with a last-minute race to meet the deadline to file taxes.
This year, it's being met with a delay as the deadline to file has been pushed back to July 15th.
But, with unemployment and loan filings rising amid the COVID-19 crisis, many accountants are already looking ahead on what's to come for next year's 2020 returns.
"I don't know what's going to happen in the future. But, I do expect seeing ramifications of this on next year's taxes," said David Riggs, President of Accounting Services of York which has been in business for more than 30 years.
Riggs calls the delay in 2019 taxes 'unprecedented.' He said his company has completed nearly 70% of returns thanks to a document portal and DocuSign, even as they can't meet clients face to face. The company is also taking on new clients as 2019 taxes are not due until July.
"The April 15th deadline has never been extended for more than one or two days as long as I have been doing taxes," said Riggs.
Riggs has advice for people who are taking action to shore up their finances now amid the coronavirus pandemic because he said, the actions they take now could impact their taxes next year.
"The unemployment will be taxable because they're collecting. But, it's not taxable below $2,000. So, anything over $2,000 will be taxable to the Fed," he said. "If they're going to be on extended unemployment they may want to consider putting some money back or having money withheld from their unemployment."
As for the self-employed, they too can soon apply for unemployment in Pennsylvania.
"You can't really write off a loss if you're self-employed because of loss of business. However, the Government has lifted the ban on collecting unemployment if you are self-employed," he said.
Riggs also reminds small businesses to be cautious about what loans they take out, to read the details, and to keep receipts and paperwork so financial experts can evaluate if those loans may be forgiven in the future.
As for the stimulus check many people are waiting for right now, Riggs said, "it won't be taxable. But, I do anticipate seeing it on the 2020 tax return."
Learn more about Accounting Services of York and find more helpful financial information for businesses and individuals here amid the COVID-19 crisis.
Learn more about small business loans.
Resources for businesses.
Apply for unemployment.
Check the status of your stimulus payment.