The IRS announced that it will not further postpone federal tax filing and payment deadlines beyond July 15. In response to the hardships caused by the COVID-19 pandemic, most tax deadlines between April 1 and July 15 were moved to July 15.
The IRS reminded taxpayers in its announcement that they can apply for an automatic extension of time to file until Oct. 15 but must pay their taxes due by the July 15 deadline.
Treasury Secretary Steven Mnuchin said the decision not to further postpone the deadlines came after consultation with various stakeholders. Some taxpayers and tax practitioners had requested that the July 15 date be further extended. However, the AICPA has expressed support for maintaining the July 15 date.
According to Treasury, over 130 million taxpayers have filed tax returns so far this season.
In FY 2019, the IRS processed more than 253 million individual and business tax returns and forms.
This filing and payment relief includes:
- The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify.
- This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
- Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15.
- Individual taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.
For more on the range of tax filings and payments that have been postponed until July 15, see “Understanding the Filing Relief for ‘Time-Sensitive Acts’
For more news and reporting on the coronavirus, visit ihccbusiness.net/blog