The tax filing deadline has been extended by the IRS until May 17th due to COVID-19

There are only 29 days left until tax day on April 16th! eFile your return online here , or request a six-month extension here

Coronavirus Tax Relief - Payment & Filing Extensions

The 2020 Coronavirus (COVID-19) epidemic has placed financial strain on millions of American taxpayers and businesses. As part of an unfolding coronavirus tax relief package the Federal government has provided extensions to both filing and paying income taxes for Tax Year 2019, which would normally be due on April 15th, 2020.

2020 Coronavirus Tax Payment Extension

On March 18th 2020, the IRS announced that a special 90-day extension of the tax payment due date has been extended to all individual taxpayers and flow-through businesses who would normally file and pay by April 15th.

Up to $1 million in taxes can be deferred until July 15th 2020, with no penalties or interest, by indivual taxpeyers or flow-through businesses. Corporations can defer up to $10 milliuon in tax payments.

The official IRS announcement can be found here:

https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020

2020 Coronavirus Tax Filing Deadline Extension

Several days after announcing the payment extension, Treasury Secretary Steve Mnuchin confirmed that the 2020 IRS filing deadline would also be extended to July 15th, 90 days after the normal deadline of April 15th:

“We are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

This extension applies automatically to all individuals and businesses, with no need to file an extension. However, individuals who need extra time to file can always file Form 4868 to receive an automatic 6-month extension.

Many taxpayers are expecting Federal refunds, and it is recommended that these individuals file as soon as possible regardless of the extension.

2020 State Income Tax Extensions

While many states set their filing and payment deadlines to April 15th to match the Federal deadline, state tax extensions, if provided, will be rolled out on a state-by-state basis. Some states require that a copy of the taxpayer's Federal income tax return be attached, so if these states do not offer extensions taxpayers will be forced to file their Federal income tax returns by the normal deadline.

However, even if your state does not offer an automatic extension due to the Coronavirus, you can usually receive a filing extension (though not a payment extension) by submitting your state's extension request form.

You can find your state's tax extension application on taxformfinder.org.


** This Document Provided By Tax-Brackets.org **
Source: http://www.tax-brackets.org/articles/2020-coronavirus-tax-extension?ref=taxrates