(WAND) - The Internal Revenue Service has announced extensions to key tax deadlines for individuals and businesses.
Due to complications caused by the COVID-19 pandemic, the IRS previously gave individual taxpayers an extension until July 15, 2020 to file and pay federal income taxes with no penalties for the 2019 tax year. It said Friday this relief now applies generally to all taxpayers with a filing or payment deadline on or after April 1, 2020 and before July 15, 2020.
Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extended time. The IRS said anyone, including Americans living and working abroad, have the option to wait until July 15 to send in their 2019 federal income tax return and pay any amount due.
The IRS is also giving individual taxpayers the option to ask for more time beyond the July 15 deadline, giving them until Oct. 15, 2020. To do this, a person must fill out Form 4868 through a tax professional, tax software or by clicking the Free File link on the IRS website. Businesses can request more time by filing Form 7004.
"An extension to file is not an extension to pay any taxes owed," the IRS said. "Taxpayers requesting additional time to file should estimate their tax liability and pay any taxes owed by the July 15, 2020 deadline to avoid additional interest and penalties."
Another extension includes estimated tax payments due June 15, 2020. Individuals or corporations with a quarterly estimated tax payment due on or after April 1, 2020 and before July 15, 2020 are now able to wait until July 15 to pay without penalties.
Finally, the IRS has extended the three-year window for claiming a tax refund related to 2016 tax returns from April 15 to July 15, 2020. Taxpayers are reminded unclaimed returns become the property of the U.S. Treasury if a return is not filed within three years.
The tax return must be addressed, mailed and properly postmarked by the new July 15, 2020 due date.
