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Yesterday Department of Treasury and the Internal
Revenue Service announced that Notice 2020-23 extends additional key tax
deadlines for individuals and businesses.
Last
month, the IRS announced that taxpayers generally have until July 15, 2020,
to file and pay federal income taxes originally due on April 15. No
late-filing penalty, late-payment penalty or interest will be due.
This new notice expands this relief to additional returns, tax
payments and other actions.
As a result,
the extensions generally now apply to all taxpayers that have a filing or
payment deadline falling on or after April 1, 2020, and before July 15, 2020.
Individuals,
trusts, estates, corporations and other non-corporate tax filers qualify for
the extra time. This means that anyone, including Americans who live and work
abroad, can now wait until July 15 to file their 2019 federal income tax
return and pay any tax due.
Extension of time to
file beyond July 15:
Individual
taxpayers who need additional time to file beyond the July 15 deadline can
request an extension to Oct. 15, 2020, 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. An extension to file is not an
extension to pay any taxes owed. Taxpayers requesting additional time to file
should estimate their tax liability and pay any taxes owed by the July 15,
2020, deadline to avoid additional interest and penalties.
Estimated Tax Payments:
Besides the
April 15 estimated tax payment previously extended, today's notice also
extends relief to estimated tax payments due June 15, 2020. This means that
any individual or corporation that has a quarterly estimated tax payment due
on or after April 1, 2020, and before July 15, 2020, can wait until July 15
to make that payment, without penalty.
2016 unclaimed refunds -
deadline extended to July 15:
For 2016 tax
returns, the normal April 15 deadline to claim a refund has also been
extended to July 15, 2020. The law provides a three-year window of
opportunity to claim a refund. If taxpayers do not file a return within three
years, the money becomes property of the U.S. Treasury. The law requires
taxpayers to properly address, mail and ensure the tax return is postmarked
by the July 15, 2020, date.
For a copy
of Notice 2020-23, click on the link below:
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