Image by Steve Buissinne from Pixabay
The Internal Revenue Service (IRS) announced Saturday, that the deadline to file and pay federal income tax has been extended from April 15 to July 15 in response to the COVID-19 outbreak. This applies to individuals and businesses. And there is no need to file Form 4868 (individual taxpayer) or Form 7004 (business) for the 90-day extension as it is automatic.
Individual taxpayers are eligible to request a further extension to file their return if they are unable to file by the July 15 deadline. This would require filing Form 4868 by July 15.
Taxpayers who overpaid and will receive a refund should file as quickly as possible.
The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify.
The deadline to pay estimated tax payments for the tax year 2020 has also been extended to July 15. Normally estimated tax payments for the current year are due by April 15.
Any unpaid taxes would typically incur interest and penalties starting April 16. This year interest and penalties on unpaid taxes start on July 16.
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.
Maryland Tax Filing Deadline
Maryland Comptroller Peter Franchot had previously extended the deadline for businesses to file their tax return. Franchot announced that Maryland business and individual taxpayers will have the same 90-day extension. No interest or penalty for late payments will be imposed if 2019 tax payments are made by July 15.
