There is a new IRS update regarding the deadline to file business income taxes and personal income taxes.
Earlier this week this update was released by the IRS…
Taxpayers must file their personal and business income tax returns by April 15. However, the IRS will waive penalties and interest on tax payments for 90 days.
As of March 20, 2020 there has been a NEW update. This update deals with the deadline for the income tax return itself.
Now, BOTH income tax payments and income tax return filing has been pushed back from April 15, 2020 to July 15, 2020.
Essentially, the new “Tax Day” is July 15, 2020. This gives all individual tax payers and business income tax filers will have an additional 90 days to file and pay their taxes.
When Should I File An Extension?
If you know that you will need more time to file, you can file an extension for an additional 3 months. This will bring your income tax deadline out to October 15, 2020.
What Extension Should I File?
There is a different tax extension for corporate filers and for personal filers. However, they both allow you an additional 6 months to file your return and neither requires any explanation from the IRS.
Form 4868 – This is the extension that applies to personal income tax extensions.
Form 7004 – This is the extension form that applies to the Business income tax.
With TaxBandits, you can file your Extension Form in minutes and get instant IRS approval. With so much on our minds these days, tax extension forms don’t have to be an additional source of stress! Get started today!
The TaxBandits team will continue to monitor and track any IRS updates as we move forward. You can trust us to provide you with accurate information and work with our clients to ensure seamless tax e-filing regardless of deadline changes.