Covid-19 Financial Resources
FOR REAL ESTATE PROFESSIONALS

IRS Extends Tax Day 2020

What You Need To Know

On March 21st, 2020, the Treasury Department and the Internal Revenue Service announced that the federal income tax filing due date has been extended from the usual date of 4/15/20 to 7/15/20.

This comes without penalties or interest, regardless of the amount owed and by whom. Taxpayers received this extension automatically, not having to file any additional forms or contact the IRS to benefit from this federal tax filing and payment relief. Taxpayers also do not need to be specifically impacted by the COVID-19 pandemic in order to qualify for this relief.

The only exception to this allowance is for taxpayers whose filing due date is not April 15th, 2020. Due dates that fall after April 2020 are still the requirement for those entities. Another exception is if a taxpayer is filing to claim a refund for their 2016 taxes. April 15th, 2020 remains the deadline for filing that year’s taxes.

If individual taxpayers find themselves needing additional time to file past the new July 15th deadline, they will need to request an additional extension by filling Form 4868. Business taxpayers who may need to file for an additional extension must use Form 7004.

The IRS confirmed that most tax refunds are still being processed within their usual 21 days. "Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically," said IRS Commissioner Chuck Rettig. "Filing electronically with direct deposit is the quickest way to get refunds. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds. As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience. I'm incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment."


For further information, please visit the IRS.gov website. Their FAQs page can be found here.