Due to the COVID-19 pandemic, the IRS automatically extended the deadline to file 2019 tax returns and pay taxes from April 15 to July 15.
This applies to taxpayers who normally file and pay on April 15, which is most people. (Some businesses are on a different filing schedule.)
What Does This Mean For You?
- You must file your tax return by Wednesday July 15
- If you owe money to the IRS, you must pay by Wednesday July 15
- This also includes estimated tax payments for tax year 2020 that were due on April 15, 2020. (Now those estimated payments are due on July 15.)
The IRS encourages everyone to file by July 15 this year, especially if you are expecting a refund. (Get that money!)
What If I Can’t File or Pay by July 15?
If you can’t file and/or pay by July 15, you can request an extension from the IRS. However, you must submit the extension request form. This is not another automatic extension.
If you do not request an extension, your tax return will be considered late. And if you owe the IRS money, penalties and interest will begin to accrue on July 16. So it is critical to submit your request on time.
If you submit an extension request, then your new deadline to file and/or pay will be October 15, 2020. This is the final deadline.
If you owe money to the IRS and you are having difficulty paying, you can arrange a monthly payment plan with the IRS or request the they delay collection until your financial situation improves.
At BNC Tax, we can submit the extension request form for you or help you arrange a payment plan. Contact us today if you need to request an extension.