Federal tax filing and payment deadlines extended to July 15
Written by Site Hub on March 24, 2020
Lawmakers have been working hard this week to extend the federal tax filing deadline after the Internal Revenue Service extended the payment deadline to July 15 because of the coronavirus (COVID-19) pandemic. As of Friday, March 20, both deadlines have now been extended to the new date.
This is good news for every taxpayer, especially for those communities and businesses that often face economic uncertainty and have been hard-hit by the upheaval caused by this virus. Steven Mnuchin, the U.S. Treasury Secretary, made the announcement to the press early Friday morning.
He emphasized that taxpayers won’t face any interest or penalties as a result of the change. This news follows relief to business taxpayers offered this week in the form of deferred payments of up to $1 million for small businesses and up to $10 million for corporations. Six-month filing extension requests will also continue to be honored during this time.
Mnuchin emphasized that taxpayers who want and need their refunds shouldn’t wait to file. Many state and federal systems are experiencing strain because of the sudden influx of financial assistance and unemployment requests. Refund recipients have a better opportunity of receiving the money faster if they file now before April 15 than if they wait several months.
For state tax filing and payment deadline changes, the IRS recommends that taxpayers check their state revenue website.
https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020
https://thehill.com/policy/finance/488463-senators-offer-bill-to-extend-tax-filing-deadline
https://www.politico.com/news/2020/03/19/tax-filing-deadline-delay-coronavirus-137696
