With so much going on, there’s already enough to worry about. From finding toilet paper to stocking up on food to possibly losing your job, the government has finally thrown us a lifeline.
Normally, taxes would be due next week but because of the Coronavirus, the tax deadline has been extended by 3 months. This relief only applies to federal income returns and tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax.
The 2019 income tax filing and payment deadlines for all taxpayers who file and pay are automatically extended until July 15, 2020. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify. This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15. For more information, visit IRS.gov.