Tax Day now July 15 2020: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed

 The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

There is no need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief.

There is a possibility of additional time to file beyond the July 15 deadline.

There other extensions for IRA contributions and changes to RMD’s and IRA distribution rules.

For tax issues, questions or consultation, feel free to reach out to us at 713.979.2300 or click on this link to schedule a time for a video conversation.