Secretary of Treasury announced via Twitter that, at the direction of the President, they will extend the federal tax filing deadline to July 15, 2020. State deadlines may vary, click here to see state-by-state updates.
The federal tax filing deadline is July 15, 2020.
Taxpayers getting a refund are encouraged to file their taxes now. Last tax season close to 72% of taxpayers received a tax refund close to $3,000, which for many taxpayers is their largest paycheck of the year. During times like this, that is much needed money for many households. The IRS expects to continue to process refunds as normal. The IRS typically issues nine out of 10 tax refunds within 21 days or less from acceptance with e-file and direct deposit – the fastest way to get your refund.
Relief for Individuals and Businesses with Taxes Due
The Treasury and IRS also recently announced the deferment of federal tax payments, interest free and penalty free, for 90 days, until July 15. Individuals and self-employed taxpayers can defer up to $1 million for tax year 2019 federal tax payments. This deferment also applies to tax year 2020 estimated tax payments previously due on April,15, 2020. Corporations can defer up to $10 million in federal payments.
- How do I know if I qualify for the extended payment deadline? According to the Secretary of Treasury, anyone with a Federal Tax Payment related to their 2019 taxes and their tax year 2020 estimated tax payments due 4/15/20 can defer their tax payment, free of penalties and interest for 90 days for purposes of the relief.
- What is a federal tax payment? When you file your taxes you either get a refund or owe the IRS money. If you owe, the amount you pay to the IRS is called a federal tax payment.
Deferment of federal tax payments means that if you owe money on your federal taxes, you will get more time to pay what you owe.
Federal Tax Update Regarding the Families First Coronavirus Response Act
On Wednesday, March 18, President Trump signed into law legislation to provide additional relief for taxpayers impacted by Coronavirus (COVID-19).
The COVID-19 legislation, called the Families First Coronavirus Response Act or H.R. 6201, includes relief for individuals, self-employed and businesses. Get the latest information on the Families First Coronavirus Response Act and what it means to you here.
- Is offering an extension for state tax returns and payments. Payments due April 1 – June 1 will now be due June 1, 2020. Penalty and interest will not be charged if payment is made by June 1st.
- This includes South Carolina Individual Income Taxes, Corporate Income Taxes, Sales and Use Tax, Admissions Tax, Withholding Tax, and other taxes administered by the SCDOR. They are automatically applying this tax relief for all applicable returns and payments; you do not need to take any additional action.