The Treasury Department has announced that the federal income tax deadline has been extended for an additional 90 days. The deadline to file tax returns is now — July 15th. The tax deadline has been pushed in order for the nation to continue to grapple with the spread of COVID-19, and to relieve as much economic pressure as possible during this difficult time.
“All you have to do is file your taxes,” Treasury Secretary Steven Mnuchin said in a Tuesday, March 20th news conference. “You’ll automatically not get charged interest and penalties.”
As of March 6, the IRS had processed 67,998,000 individual returns and issued 52,721,000 refunds. The average refund thus far is $3,012.
How to file electronically
Most taxpayers utilize the e-file option for their late return. You can access e-file at IRS Free File. Note: This only applies if your income is under $69,000. Some other rules may apply that are imposed by software providers who participate in the Free File Alliance, as well.
The IRS will accept e-filed returns up until November. It will announce the exact date sometime in October 2020.
How to make payments
If you are unable to pay the tax you owe right away, file your return immediately and apply for a payment plan. The IRS will generally let you pay over time, as long as you make arrangements to do so.
If you owe money and don’t want to send a check to the IRS via mail, go to IRS Direct Pay to have your payment debited directly from your bank account.
Taxpayers can defer federal income tax payments due on April 15, 2020 to July 15, 2020 without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations, self-employment tax, and other non-corporate tax filers.
“We encourage those Americans who can file their taxes to continue to file their taxes on April 15 because for many Americans, you will get tax refunds and we don’t want you to lose out on those tax refunds,” Mnuchin said. “We want you to make sure you get them.”
The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days, so file now!
Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.