Amid the pandemic, there is a little relief for the taxpayers of the United States of America as the Internal Revenue Services (IRS) and the Treasury Department have announced a business extension in the tax filing. And also, payment relied upon tot the businesses and individuals due to the outbreak of COVID -19. The deadline to file business tax returns, income tax returns and extensions are extended to July 15th from April 15th. But the individuals who owe a refund are required to file the tax returns as soon as possible. For the individuals who cannot still file the tax returns on the extended date 15th, July 2020 can request a 7004 extension to file the tax return.
Payment Relief and Filing Includes
For all the active taxpayers who file their tax returns on 15th April 2020 for the tax year 2019, the tax filing deadlines are automatically extended to July 15th, 2020. This extension is applicable for all the corporations, trusts, and individual tax returns. This extension is an automatic extension by the IRS and no need to file any additional forms.
This relied on is also applicable for the estimated tax payments for 2020, which was due on 15th April 2020. But the penalties and their interest will be active on any other remaining unpaid balances as of 16th July 2020. And the interest and penalties will be avoided on the paid taxes by 15th July.
For the individuals, who may find difficult to file the tax returns on the extended dates, can file their extension form request by filing the IRS Form 4868 through Tax2efile.com And for the business accounts to increase the extension time can file Form 7004 to extend their tax filing due date with the IRS.