The Ministry of Finance and the internal revenue service (IRS) announced that the 2019 deadline for filing tax returns remains July 15, 2020.
Because COVID-19, the deadline for submission and payment of tax due date for the year 2019 was postponed from 15 April 2020, 15 July 2020. With many States still in flight and limitations in pandemic, some taxpayers and tax professionals had hoped that this date can be extended.
Last week Finance Minister Steven Mnuchin there is a possibility the displacement term, saying, “this is what I think.” He indicated that he will continue to consider the idea as the date approaches.
But today’s announcement appears to exclude any further changes.
Taxpayers-individuals who are unable to meet the July 15 deadline can request an automatic extension of time to file. Keep in mind that the extension is a extension for six months from the filing date of April 15, and this means that the extension will extend the time to file until October 15, 2020. It is not an extension from the long-term.
(You can learn how to apply for an extension here.)
In addition, automatic extension of time to file extends the time to file not time to pay. The tax service urges those who have to pay the taxes that they are unable to July 15, 2020, to avoid fines and penalties.
If you can’t pay, help is available.
“The IRS understands that victims of coronavirus may not be able to pay their balances in full before July 15, but we have a lot of payment options to help taxpayers,” said Commissioner Chuck Rettig service. “These easy to use payment options available on IRS.gov and most of them can be done automatically, not turning to the IRS representative.”
Payment options available in IRS.gov/payments to help taxpayers who cannot pay in full and some of them can offer taxpayers a lower penalty. This is important because interest and late payment penalties will continue to accrue on any unpaid taxes.
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