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IRS Extends MORE Tax Deadlines

IRS COVID-19
 
(04/10/2020)

The Department of Treasury and the Internal Revenue Service announced  Yesterday, April 9th, 2020, that they will continue to provide relief to taxpayers during this challenging time with Notice 2020-23 extending additional key tax deadlines for individuals and businesses.

EXTENSION OF TIME TO FILE AFTER JULY 15TH

  • Individual taxpayers who need additional time to file beyond the July 15 deadline can request an extension to Oct. 15, 2020, by filing Form 4868 through their tax professional
  • Businesses who need additional time must file Form 7004.
  • An extension to file is not an extension to pay any taxes owed. Taxpayers requesting additional time to file should estimate their tax liability and pay any taxes owed by the July 15, 2020, deadline to avoid additional interest and penalties.
     

ESTIMATED TAX PAYMENTS

Besides the April 15 estimated tax payment previously extended, today’s notice also extends relief to estimated tax payments due June 15, 2020. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.  

 

*AS OF RIGHT NOW THIS ONLY APPLIES TO FEDERAL ESTIMATES NOT STATE. *

     

2016 UNCLAIMED REFUNDS - DEADLINE EXTENDED TO JULY 15

  • 2016 tax returns - the normal April 15 deadline to claim a refund has also been extended to July 15, 2020
  • If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. 
  • The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by the July 15, 2020, date.

Topics: taxes, IRS, Accounting, BTR, Coronavirus, COVID-19, IRS Updates, pandemic, Tax Deadline, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Tax Payments, Paycheck Protection Program, PPP