In response to the impact of the COVID-19 pandemic, the IRS announced last month that taxpayers have until July 15, 2020 to file and pay federal income taxes that were originally due on April 15. This extension comes with no late-filing penalty, interest, or late-payment penalty.
Today, the IRS extended the relief to include additional tax returns, tax payments, and other actions. Specifically, now all taxpayers who have a filing payment or deadline ON OR AFTER April 15, 2020 but BEFORE July 15, 2020 can extend to July 15. This includes:
- Individuals
- Trusts
- Estates
- Corporations
- Other non-corporate tax filers
Anyone, including Americans who live and work abroad, have until July 15 to file their 2019 federal income tax and pay any tax due- without penalties or interest.
It is not necessary to file any additional paperwork to be extended to July 15.
Extensions beyond July 15
Individuals and businesses who need additional time to file, can work with their tax professional to file an extension to October 15, 2020. An extension to file, is not an extension to pay taxes owed. According to the IRS, taxpayers requesting additional time to file should estimate their tax liability and pay any taxes owed by July 15, 2020 to avoid additional interest and penalties.
Estimated Tax Payments
Today’s notice also provides an extension to estimated tax payments due June 15, 2020. Any individual or corporation with a quarterly tax payment due ON OR AFTER April 1, 2020 but BEFORE July 15, 2020 can wait until July 15th to make a payment without penalties or interest.