Tax Returns & Estimated Taxes Now Due July 15, 2020
Due to the COVID-19 pandemic, the deadlines to FILE and PAY federal income taxes have been automatically extended to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020 to July 15, 2020, without penalties and interest, regardless of the amount owed. In addition, the payment and return-filing requirements for gift and generation-skipping transfer taxes due April 15 are now due July 15, matching postponements granted to federal income taxes and returns. Your first two quarterly estimates are also now due July 15.
Who is Affected?
All taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
No Need to File an Extension
Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. If individual taxpayers need additional time to file beyond the July 15 deadline, they should electronically file Form 4868 through your tax professional, using tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.
File Now for a Refund
Even though the filing deadline has been extended, there is no need to wait to file your return especially if you are due a refund. Filing electronically using direct deposit is the fastest way to get a refund.
The IRS urges taxpayers to check with their state tax agencies for those details. To find more information on this click here.
The People First Initiative
On March 25, 2020 the IRS released additional info in their People First Initiative, include the following measures that pertain to our clients:
- Installment agreements: The IRS is suspending payments due on existing installment agreements from April 1 to July 15, but interest continues to accrue on the balance. New installment agreements for people who cannot pay their balance due continue to be available on the IRS’s website.
- Offers in compromise (OICs): The IRS is extending a number of deadlines related to OICs. Taxpayers have until July 15 to provide additional information the IRS has requested to support a pending OIC. In addition, the IRS will not close any pending OIC request before July 15, 2020, without the taxpayer’s consent. As for OIC payments, taxpayers can suspend all payments on accepted OICs until July 15, 2020, although by law interest will continue to accrue on any unpaid balances. The IRS also will not default an OIC for taxpayers who are delinquent in filing their tax return for tax year 2018. However, taxpayers should file any delinquent 2018 return (and their 2019 return) on or before July 15, 2020. New OIC Applications – Taxpayers facing a liability that exceeds their net worth can resolve outstanding tax liabilities through "Fresh Start." Don't hesitate to call if you have questions about this.
- Field collection activities: The IRS will suspend any liens and levies (including personal residence seizures) initiated by field revenue officers during this period. Field revenue officers will continue to pursue high-income nonfilers and may perform other similar activities. Automatic system liens and levies will be suspended, however.
- Private debt collection: The IRS will not forward new delinquent accounts to private debt collectors during this period.
- Earned income tax credit (EITC): Wage verification reviews and other requests for information from taxpayers who are claiming the EITC will be postponed until July 15.
For a complete list of measures included within the People First Initiative, click here.
For more information visit our COVID-19 Guidance Center.
Do you have questions about filing and payment deadlines?
The IRS helps clarify important questions related to the July 15th deadline -
Click the button below to read FAQ from the IRS & see how you might be affected!
Tips of where to get your information about the virus
Centers for Disease Control and Prevention CDC.gov
Indiana State Department of Health News ISDH.in.gov
World Health Organization WHO.int
Where to find local updates about the virus
Decatur County Health Department Facebook Page
Bartholomew County Health Department Facebook Page
Ripley County Health Department Facebook Page
Franklin County Health Department Facebook Page
North Vernon Plain Dealer & Sun Homepage
We are committed to serving clients with care, and we are confident we are taking precautionary measures to promote the health and safety of our staff and clients. We know that this is a stressful time for everyone, and we hope that you, your family and our community stay safe.
Please call us at if you have any questions