Recently WJW Fox 8 TV in Cleveland, Ohio has been running a new feature during their morning newscast called “What Day is IT?” Many are finding that losing track of the calendar is part of everyday life during the COVID-19 pandemic. Consequently it wouldn’t be shocking if you didn’t realize that April 15, normally “tax day,” is today.
If you haven’t yet filed your income taxes, the good news is that it doesn’t matter if you’re sick, quarantined, or perfectly healthy but trying to keep others safe by sitting at home, you now have a new one-time July 15 deadline for filing your 2019 returns. No late-filing penalty, late-payment penalty or interest will be due. The delay is designed to give a break to taxpayers who may be having a hard time making ends meet, as hours are cut and workplaces are closed to combat the spread of the virus.
Estimated Tax Payments: The Internal Revenue Service had also announced that any estimated tax payments for 2020 that would normally be due on April 15 could also be delayed until July 15 without penalty. This resulted in an odd situation: it appeared that the deadline for filing April 15 estimated taxes would come later than the usual June 15 payment. On April 9, however, the IRS announced that the due date for the June payment had also been extended to July 15. 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.
