IRS Filing and Payment Deadline Extended to July 15, 2020: What this Means for Individuals and Corporations

The Treasury Department and Internal Revenue Service have extended the federal income tax filing due from April 15, 2020, to July 15, 2020. The payment deadline was also extended to July 15, 2020.

The Treasury Department and Internal Revenue Service have extended the federal income tax filing due from April 15, 2020, to July 15, 2020. The payment deadline was also extended to July 15, 2020.

These steps are in an effort to provide special payment relief to individuals and businesses in response to the COVID-19 Outbreak. Income tax relief is expanded to all “persons,” including individuals, corporations, partnerships, trusts, and estates.

What This Means for Your Tax Filings

• Taxpayers can defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all income taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
• Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief.
• Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868. Businesses who need additional time must file Form 7004.
• Relief applies to only federal income tax (including tax on self-employment income) payments due April 15, 2020.
• This does not apply to state tax payments or deposits or payments of any other type of federal tax. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details or view deadlines here.  As of March 23, 2020, the New York State Tax Department has not extended the deadline to file personal income tax or other tax returns.
• It is unclear whether relief will apply to gift or estate tax returns or payments.

More information can be found on the IRS Coronavirus Relief page.