On March 21, the Treasury Department IRS announced it will allow most Americans an extra 90 days to pay their 2019 federal income taxes without interest or penalties. Or said another way, Tax Day (the federal income tax filing due date) is now July 15, 2020 instead of April 15, 2020.
According to the press release issued by the IRS, “taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.”
The release goes on to explain that taxpayers need not file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers and businesses can request a filing extension if they need additional time to file beyond the July 15 deadline.
The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.
Our staff at Kuberneo will continue to monitor this situation closely and will provide updates as more details become clear.
As always, if you have questions or concerns about your tax return or navigating your business through this crisis, please contact us.