The U.S. Treasury Department and the Internal Revenue Service announced on March 21st that they were providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 outbreak. That reprieve ends next week on July 15th.
The filing deadline for tax returns was extended from April 15 to July 15, 2020 and the IRS urged taxpayers who were expecting 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.
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 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.