In response to the Coronavirus, the IRS has extended the tax deadline for individuals, trusts, and corporations to July 15. This relief is automatic with no additional forms needing to be filed to qualify. Being that we’re approximately two weeks away from the deadline, knowing when and what you have to file can help save you a lot of time. Be sure to mark your calendar with these updated tax deadlines.
The due date for filing tax returns and making payments was extended from April 15. If you haven’t applied for an extension, your individual tax returns are due by midnight on July 15. The IRS expects to continue to process refunds as normal and the extension should not delay your refund. In addition, if you haven’t already funded your retirement account for 2019 you now have until July 15, to make a 2019 contribution to your IRA.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. Payment options are available on IRS.gov to help taxpayers who can’t pay in full.
Filing an Extension
Individual taxpayers who cannot meet the July 15 due date can request an automatic extension of time to file here. Keep in mind that the extension is a six-month extension from the original filing date of April 15, meaning this will extend to October 15, 2020.
State Tax Returns
Be sure to check your state. The July 15 extension is applicable to federal taxes, but some states have delayed their deadlines as well. Check the American Institute of Certified Public Accounts site to see what your state is doing.
For the most up-to-date information on tax deadlines visit the IRS website.