On March 21, 2020, in response to the COVID-19 pandemic, the Treasury Department and the Internal Revenue Service (IRS) announced an extended deadline for tax filing.  Filing has been pushed from April 15 to July 15, 2020.

Below is a brief summary of this announcement:

What this relief includes.

The new three-month extension to file and pay “applies to all individual returns, trusts, and corporations.” Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief, as it is automatic. The relief also applies to estimated tax payments due on April 15, 2020, for the fiscal year 2020.

Penalties and interest on any remaining unpaid balances will start to accrue on July 16, 2020. You will not receive penalties or interest on taxes paid by the extended deadline of July 15.

State-specific information.

It’s important to note that the “relief only applies to federal income returns and tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax.” State deadlines vary, and the IRS advises taxpayers to search for those specifics with their State tax authorities. The following is a resource the IRS provides for state-specific information: https://www.taxadmin.org/state-tax-agencies.

Extension beyond July 15 information.

For businesses that require additional time for filing beyond the July 15 deadline, you must fill out Form 7004.

Individual taxpayers that require additional time for filing can request an extension by filing Form 4868 through their tax professional, tax software, or utilizing the IRS Free File tool.

For more information on this extension, read the IRS Updated Statement and Notice 2020-18.

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Disclaimer: Please note that this is not all-inclusive. Our guidance is designed only to give general information on the issues covered. It is not intended to be a comprehensive summary of all laws which may apply to your situation, treat exhaustively the subjects covered, provide legal advice, or render a legal opinion. Consult your legal advisor regarding the specific application of the information to your plan.