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IRS Extends More Tax Deadlines For Individuals & Businesses; The Department of Treasury and the Internal Revenue Service (IRS) extend additional key tax deadlines for individuals and businesses throughout the United States. As per the details, Notice 2020-23 (PDF) is designed to help taxpayers including individuals, expats, corporations, businesses, estates and many others affected by the pandemic hit of coronavirus in USA. As the IRS extends more tax deadlines for individuals and businesses in USA, it is more likely that taxpayers will get huge sort of relief in filing their returns to the federal government.
IRS Extends More Tax Deadlines For Individuals & Businesses
The Internal Revenue Service announced in March 2020 about extension in federal tax filing deadline that the taxpayers in USA can file and pay their federal income taxes until July 15, 2020, that were originally due on April 15, 2020. Furthermore, no late-filing penalty, late-payment penalty or interest will be due. As per today’s notice, taxpayers will get an extra relief related to additional returns, tax payments and other actions. Consequently, all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020 can avail the extension. The eligibility criteria for extra time to file taxes qualify individuals, trusts, estates, corporations and other non-corporate tax filers. It means that anyone, including Americans who live and work abroad, can now wait until July 15, 2020 to file their 2019 federal income tax return and pay any tax due to the IRS. Although, the IRS extends more tax deadlines for individuals and businesses, Black Ink is working remotely to help its clients during the outbreak. Click on the link to get further details on how to file your taxes during coronavirus in USA.
Extension of Time to File Beyond July 15
Now the taxpayers in United States can file and pay their taxes after July 1, 2020 as the IRS extends more tax deadlines for individuals and business along with many more. Read below to know how you can file your taxes beyond the filing deadline:
- Individual Taxpayers: Individual taxpayers who need additional time to file beyond the July 15, 2020 tax deadline can request an extension till Oct. 15, 2020. The additional time can be requested by filing Form 4868 with the IRS. We can help you in filing Form 4868 to get extra time for individual tax payments until October 15, 2020. Make an inquiry with our representatives now.
- Business Taxpayers: business and corporative taxpayers who need additional time to file beyond the July 15, 2020 tax deadline can request an extension till Oct. 15, 2020. The additional time can be requested by filing Form 7004 with the IRS. We can help you in filing Form 7004 to get extra time for business tax payments until October 15, 2020. Make an inquiry with our representatives now.
It must be noted that an extension to file is not an extension to pay any taxes owed. It is also recommended that those taxpayers should estimate their tax liability before requesting additional time to file returns. To avoid additional interest and penalties, they are recommended to pay any taxes owed by the July 15, 2020, deadline. For further tax planning & assistance in USA, Black Ink is always ready and steady to help you.
Estimated Tax Payments as IRS Extends More Tax Deadlines
Previously, Black Ink updated its readers regarding delay in the April 15 tax deadline to July 15. Today’s notice extends relief to those taxpayers with estimated tax payments due June 15, 2020. It 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. Furthermore, they will not be imposed with any penalty. Small & mid-size business tax filer can also get the advantage of Families First Coronavirus Response Act by availing coronavirus tax credits.
2016 Unclaimed Refunds – Deadline Extended To July 15
The normal April 15 deadline for 2016 tax returns to claim a refund has also been extended to July 15, 2020. In order to claim a refund, a three-year window of opportunity is provided by the law. It means that if the concerned taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. It is further required from the taxpayers by law that they should properly address, mail and ensure the tax return is postmarked by the July 15, 2020, date. Similarly, Employee Retention Credit as well as Economic Impact Payments can also help individuals and businesses.
If you need any further help regarding the new filing tax deadlines in USA, you can make online inquiry with our representatives. Currently, our telephonic assistance is offline but we are working remotely to help you filing your returns. The IRS extends more tax deadlines for individuals and businesses and we can assist you in each matter from filing to making payments within due dates during coronavirus in USA.