In the latest edition of Love My Credit Union Rewards, the newsletter addresses how COVID-19 has altered the IRS tax filing deadline. The Treasury announced that the federal tax filing deadline will be extended to July 15. Members that are getting a refund are encouraged to file now and get their refund. The IRS expects to continue processing refunds as normal and still plans to issue nine out of 10 tax refunds within 21 days or less from acceptance with e-file and direct deposit — the quickest way for your members to get their refund.
State Tax Updates
Most state tax deadlines have moved to July 15, 2020 following the federal tax deadline, however, a few states have earlier deadlines to file, or to pay any tax due without penalties.
- Mississippi residents must file their state taxes by May 15
- Virginia residents must file their state taxes by June 1
Credit unions in Mississippi and Virginia are encouraged to promote TurboTax to your members now through the filing deadlines so they can file with ease and get their biggest possible refund.
To help your members save on TurboTax, the credit union member discount will be available to your members throughout the entire tax season (Oct. 15 for extended filers). Late season marketing assets, such as social media posts, email templates and newsletter content have been added to the Partner Center to help you share the savings with your members.
If you have any questions or need help sharing the TurboTax discount with your members, please contact Love My Credit Union Rewards client services team at ClientSupport@cusolutionsgroup.com for support.
Read the full Love My Credit Union Rewards newsletter here.