The IRS has extended the payment deadline for all April 15th returns to July 15th. Although the return itself must still be filed by April 15th they are granting those who owe a three month extension to remit their tax payment. This payment extension also applies to quarterly estimated taxes for the first quarter of 2020 due April 15, 2020.
This relief is one of many relief packages being implemented by the government to offset some of the financial struggles many will face with the devastation caused by COVID-19. Many individuals and businesses have found themselves without work and customers.
If you still need to file an extension have your tax professional file your 4868 (or 7004 for businesses) to grant you that October 15th deadline.
It is important to keep in mind that the October 15th extension does not extend your payment to October 15th and interest and penalties will be assessed beginning July 16th.
If you need any assistance feel free to contact us.
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