The Treasury Department and the Internal Revenue Service are providing Americans special relief to individuals and businesses in response to the COVID-19 outbreak.
Tax Day is now in the summer.
The deadlines to file your 1040s and other tax forms, and making income tax payments for individual returns have been extended until July 15, 2020, for up to $1 million of 2019 tax due. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020.
If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.
But, if you are owed a refund, the IRS is urging taxpayers to file as quickly as possible. For those who can’t file by the new July 15, 2020 deadline, the IRS reminds individual taxpayers they can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.
