Breaking news: IRS just extended the tax deadline to July 15, 2020
Posted on March 19, 2020
Working together to provide emergency relief in response to the COVID-19 outbreak, The Treasury Department and the Internal Revenue Service just announced some helpful relief for all taxpayers and businesses.
According to the Teipen Selanders Poynter & Ayres tax team, the filing deadline for tax returns has been extended from April 15, 2020 to July 15, 2020 by the IRS.
What does this mean to you as a taxpayer? TPSA breaks it down:
- If you are owed a refund, the IRS recommends you file your tax materials as quickly as possible.
- IRS has automatically provided this relief to all taxpayers at every income level.
- Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.
The fine print, according to our CPAs:
- Income tax deadlines for individual returns including payments due are being automatically extended until July 15, 2020, for up to $1 million of 2019 tax due.
- Indiana state tax returns and payment dates are concurrent with new federal timelines.
- This relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates.
- This relief also includes estimated tax payments for tax year 2020 that were due on April 15, 2020 – and are now due on July 15, 2020.
- Penalties and interest will begin to accrue on any unpaid tax balances due as of July 16, 2020.
- To be perfectly clear, this payment relief applies to federal income tax (including tax on self-employment income) only.
If you have specific questions relating to this new deadline, the CPAs at Teipen Selanders Poynter & Ayres welcome your calls. Or, you can also check for more details at https://www.taxadmin.org/state-tax-agencies.