The Treasury Department and the Internal Revenue Service have provided special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the July 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request an extension to file their return.
July 15, 2020 is just a week to go and less time left, if you’re still in need of additional time apply for extension of time using the below forms;
- Form 7004 : Business Income Tax Extension
- Form 4868: Personal Income Tax Extension
- Form 8868 : Exempt Business Income Tax Extension
- Form 2350: Personal Income Tax Extension for Out of Country filers.
The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify.
This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15.
Individual taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension by efiling 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.
ExtenstionTax.com is working through the tax period to facilitate the taxpayers to report extension of time forms, for both businesses and individuals on time. Simple and easy steps, with a mission to make e-filing tax forms simple and available to all taxpayers anytime anywhere.