Benjamin Franklin is quoted to have said “nothing in life is certain except death and taxes.” And under normal parameters businesses and individuals have to file their taxes before or on the April 15 deadline. But due to the coronavirus pandemic, the US government is providing tax relief to Americans who have been affected by the pandemic by pushing back the tax deadline to July 15.
The IRS is postponing the April 15 federal income tax return and payment deadline (including payments of tax on self-employment income) for 90 days without any penalties, interest, or additions to tax for failure-to-file. To put it another way, you have until July 15 to both submit your tax return and pay a tax payment, if you owe one. You do not need to fill out a form to qualify for the extension.
Who qualifies for the tax and payment relief?
All taxpayers who file and pay their federal income taxes on April 15
All individual returns, trusts, and corporations
In short, every individual and business in America qualifies for the extension. Indeed, we are in strange times. But in these strange times the IRS will continue to process tax returns and refunds submitted as normal. As a reminder, there is nothing for you or your business to file to get approved for the extension. It is automatic.
Let’s breakdown the difference between the old and new tax deadline.
Old tax requirement:
Tax return deadline: April 15, 2020
Tax payment deadline: April 15, 2020
Tax return extension request deadline: April 15, 2020
Tax return extension expiration: October 15, 2020
New tax requirement:
Tax return deadline: July 15, 2020
Tax payment deadline: July 15, 2020
Tax return extension request deadline: July 15, 2020
Tax return extension expiration: October 15, 2020 (has not changed)
If you need more information you can call 1(202) 317-5436 according to IRS Notice 2020-18. If you still have not filed your individual taxes, the IRS offers a few different free filing services on their website.
If you’re looking for more information regarding Dominion and the coronavirus, you can visit our resources page here.
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