IRS extends tax deadline to July 15 from April 15

Cornelia Mascio
Marzo 27, 2020

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.

If possible, taxpayers should continue to file tax returns on time to get their refunds timely, including claiming the earned income tax credit and young child tax credit.

The Weekly recently spoke with Audra Wallace, of Tolley & Hill in Key Largo, on what the extension means and what people should be doing. The sooner they file, the sooner they will receive their refunds.

You don't have to submit a special form to file by the new extended date.

If you used an electronic funds withdrawal as part of your filing, you can cancel payments-as long as the request is made two business days before the scheduled payment date-by contacting the U.S. Treasury Financial Agent at 888-353-4537.

What would you say is the best way to file taxes right now given messages of social distancing from one another?

If individuals need more time to file past the July deadline, what should they do?

Just days after issuing guidance deferring the payment of certain tax obligations but maintaining the April 15 tax filing deadline, the IRS has changed course and announced in Notice 2020-18 that it is indeed extending the April 15 tax filing deadline. This will give individual taxpayers until Oct.15, 2020 to file their individual income tax returns. If you don't pay by July 15, you will be charged with the late payment penalty and interest. IRS will automatically provide this relief to taxpayers.

This relief is available exclusively with respect to federal income tax payments (including payments of tax on self-employment income) and Federal income tax returns due on April 15, 2020 in respect of a taxpayer's 2019 taxable year and Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020 for the taxpayer's 2020 taxable year. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

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