Due to the COVID-19 pandemic, The Internal Revenue Services (IRS) has moved the due date for federal income tax filings–also known as Tax Day–from April 15, 2020 to July 15, 2020.
Additionally, the IRS has also announced that taxpayers can defer their federal income tax payments to July 15 (previously April 15). This applies to everyone except those who pay self-employment tax or corporate tax filers. You may be wondering if you need to do anything specific to defer these payments, but the IRS has stated that “taxpayers do not need to file any additional forms or call the IRS to qualify.”
If an individual needs additional time to file past the new deadline of July 15, they can request a filing extension form (Form 4868). If a business needs an extension, Form 7004 must be filed. These forms can be found on IRS.gov. Note that if you are given an extension, it is an extension to file your return, not more time to pay your taxes. You must still pay any tax you owe–or an estimate of the total amount–by July 15. If you apply for an extension by the filing deadline, many individuals’ tax returns will be due October 15, 2020.
If you are expecting a tax refund this year, the IRS encourages you to file as soon as possible as these refunds are typically issued within 21 days. You can file electronically to receive your refund as a direct deposit–this is the quickest way to get your money.The IRS has set up a specific page on their website to answer all questions pertaining to the changes implemented because of COVID-19.