Tax Time Again But With a Little More Time
In March of 2020, the Treasury Department and Internal Revenue Service reported that the federal income tax filing due date will be extended from April 15, 2020 to July 15, 2020. Taxpayers were not required to file any additional forms to qualify for this extension. This extension also applies to federal income tax payments, taxpayers can defer payments without penalties and interest. This deferment applies to individuals, trusts and estates, corporations and other non-corporate tax filers including self-employment taxes.
If an extension is required past the July 15th deadline, Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, must be filed with the IRS. This extension will give you until October 15th to file your return. For business returns, Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, must be filed with the IRS. Both these extensions must be filed by July 15, 2020.
Please keep in mind that you will need to look at your State to determine when and if your State is extending their return due dates.
This new deadline is fast approaching. Over the next few weeks, we will discussing the documents you will need in order to complete your taxes, if you should hire a tax preparer, and some tips to find the best tax preparer for your needs.
The Countryman Group is accepting new tax clients. If you are interested in a free consultation to determine if we are a good fit for your needs, please complete this form here.
Check back to learn more about how to prepare for tax time.