The Treasury Department and the Internal Revenue Service has announced they are providing a special payment relief program to individuals and businesses in response to the COVID-19 outbreak. This information is valid as of March 20th and subject to change. Treasury Secretary Steven Mnuchin announced today that tax day will be delayed from April 15 to July 15. He made the announcement via Twitter on Friday, days after announcing a deferral on tax payments but not on filing day.
Important: The filing deadline for all tax returns remains July 15th, 2020. The concern is payment dates and details. If you owe the IRS money you have until July 15th, 2020, to make the payment without penalty. Again, you must file and make your payment by July 15th, 2020.
Extension: Taxpayers must file for an additional extension by July 15th and can submit their tax form without estimated taxes due. These extension tax returns still must make payments by July 15th even as the extension is valid for an extended period (date TBA). Failing to make payments this date will result in penalties.
“This special relief package is not a free pass for not filing or paying,” commented Richard Snow, E.A., President of Jacobson & Snow, Ltd.- Tax Specialist. “Everyone should file by July 15th for either their final tax form or the extension tax form and have until July 15th to make a payment without any penalty. Those that are owed money can file anytime.” Mr. Snow recommends people that have concerns regarding their tax filings to contact their tax preparers or contact the Internal Revenue Service at www.irs.gov.
Jacobson & Snow, Ltd.- Tax Specialist, 650 H Peace Road – DeKalb, IL – 815-756-9386