TAX FILING DEADLINE APRIL 15 OR JULY 15 FOR NACA MEMBERS?

Today, April 15th, is if course the traditional income tax filing deadline in the United States, which also makes it the day copies of your tax return for the year must be submitted to your NACA file.  We have received several questions regarding whether the extension to July 15th granted because of the pandemic also means the deadline to submit the return to NACA has also been extended.

Technically, yes, the NACA deadline has also been extended. Waiting to file and submit though is absolutely NOT a good idea.

Here’s the 4-1-1. Nobody ever deliberately waits to get their refund, so that means anyone who is taking advantage of the new deadline to delay filing is almost certainly someone who knows they are going to have to pay the IRS this year, just like the people who file a Form 4868 (Automatic Extension of Time to File).

Therefore, the same thing applies as if you filed a 4868. If you owe the IRS money, your file will be suspended until such time as the tax debt is paid. Waiting to file in hopes of “slipping it past us” is a disastrous idea for several reasons.  Realistically, there is no excuse for everyone to not get filed right away if you haven’t done so already. If you owe the IRS, get your return filed and get them paid in full or set up payment arrangements (understanding that payment arrangements will cause you a 12-month setback) so the sooner you get started the better.

Don’t forget that your W2’s and 1099’s had to be in your file by January 31st, so finishing up and filing should be a top priority if you haven’t done so already.

In short, the July 15th extension is not a gift where your NACA file is concerned. Get your return filed and submitted so we can continue working with you toward your goal of becoming a homeowner.

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