Robin Edwards Financial Blog
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The IRS has automatically extended the income tax filing due date (deadline) from April 15, 2020 to July 15, 2020 because of the national emergency declared by President Trump on March 13, 2020. Any taxpayer can also defer federal income tax payments due on April 15, 2020 to July 15, 2020 without penalties & interest, regardless of the amount owed. This includes individuals, trusts and estates, corporations and other non-corporate tax filers including those who pay self-employment (SE) tax.
No additional forms or notifications of any kind are required by taxpayers to take advantage of the new tax filing deadline July 15, 2020. Individual tax payers who need additional time beyond the July 15, 2020 can request an extension by filing form 4868 and businesses that need additional time can request an extension by filing form 7004. Everyone is encouraged to file taxes as soon as possible especially if a refund is due because the refund will be issued within 3 weeks or 21 days after filing. The IRS encourages taxpayers to file electronically with direct deposits to get a refund quickly. Critical departments of the IRS are open for business during this national emergency and they will process tax returns and refunds as quickly as possible. Stay tuned for more guidance from the IRS on any further tax relief during the COVID-19 national emergency. Contact us at [email protected] to get your taxes prepared and filed to the IRS.
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