IRS Extends More Tax Deadlines

Summary of Keypoints

• Deadline relief announcement: The IRS extended all federal tax filing and payment deadlines falling between April 1, 2020 and July 15, 2020 to July 15, 2020 for all taxpayers.
• Estimated tax payments included: Quarterly estimated tax payments, including those normally due on June 15, 2020, may be paid by July 15 without penalties or interest.
• Who qualifies: The extension applies to individuals and corporations with filing or payment obligations during the covered period.
• Additional filing extensions: Individual taxpayers may request an extension to October 15, 2020 using Form 4868, while businesses must file Form 7004 to extend their filing deadline.
• Payment requirement remains: Extensions beyond July 15 apply only to filing, not payment; taxpayers must pay any estimated taxes owed by July 15, 2020 to avoid interest and penalties.

The IRS announced today that all taxpayers having a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020 will receive an extension to July 15, 2020. This includes payments for estimated taxes, normally due 6/15/2020. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.  

Extension of time to file beyond July 15

Individual taxpayers who need additional time to file beyond the July 15 deadline can request an extension to Oct. 15, 2020, 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. An extension to file is not an extension to pay any taxes owed. Taxpayers requesting additional time to file should estimate their tax liability and pay any taxes owed by the July 15, 2020, deadline to avoid additional interest and penalties.