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The IRS announced today that it is delaying the April 15 deadline for 2020 individual tax returns to Monday, May 17, giving taxpayers an additional month to file returns. Taxpayers requesting an additional extension via Form 4868 will still have until October 15 to file their returns but tax payments will be due May 17 (should you need help filing an extension, please contact us via the Free Consult button below). Estimated quarterly payments are still due on April 15.
The extended deadline applies only to federal income returns and taxes; not all states follow the same filing deadline as the federal government.
IRS Commissioner Chuck Rettig stated, “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities.”
It is expected that tomorrow, Commissioner Rettig will give testimony and additional guidance in a hearing on the 2021 tax-filing season convened by the House Ways and Means Oversight Subcommittee, which may have an impact on other Important 2020 Tax Dates.
This marks the second year in a row that the April 15 deadline has been postponed due to the COVID-19 pandemic.
We are happy to discuss how the tax deadline extension may impact your Accounting, Bookkeeping, and/or Business Tax Planning.
To set up a free consultation, please click on the button below to schedule a time that works best for you.
