IRS Tax Deadline Extension for US Returns

Posted by Ultra Post on March 21st, 2020

US Treasury Secretary Steven Mnuchin announced on Tuesday (March 17, 2020) that there will be tax extensions to filing your return for 2020.

The normal due date of April 15, 2020 will be extended to July 15, 2020. The 90 day extension to the tax deadline 2020 will provide much needed relief for US citizens currently focused on looking after their families and loved ones.

Both federal and state tax returns will have the 90 days filing extensions and if you owe taxes you have the same additional time to pay.

Small businesses have also been provided with the extra time to file their income taxes. For the 2019 tax year, the tax returns and any tax were due in a few weeks and this extension will help businesses cope with the fallout from coronavirus.

IRS Tax Returns Delayed 2020

Although the United States Department of the Treasury have extended the tax deadline to July 15, 2020, there may be further extensions and reliefs for payment of taxes as we get into the summer of 2020. The full effect of corovirus is not yet clear and it may be the case that individuals need additional time to pay and file their 2019 US tax returns.

US taxes – Dates for payments and refunds

Any federal taxes and state taxes will now be due by July 15, 2020 - there will be no penalties or interest if you file your taxes after the standard April deadline for the 2020 tax season.

Estimated tax payments will currently need to be paid, although relief is being sought to help out taxpayers and businesses as they go through the current crisis. More details will be released by the US Treasury in the coming weeks.

If you do believe that you have a tax refund, then it would still be prudent to file with the federal governments as soon as possible so you can use that refund - especially as the economy is entering uncertain times.

Upcoming - Stimulus Check payments 2020

In addition to the extension for taxes, President Trump and the government has announced that US citizens will receive a stimulus check in the next few weeks. The estimate of the stimulus check is ,000 per person.

The hope is that the additional stimulus check will help Americans as they struggle to meet their financial obligations in the middle of Covid-19.

Summary of US tax updates

The IRS tax deadline extension and the stimulus check are the beginning of measures the US government is putting in place to help US citizens - there is likely to be further extensions and financial relief for taxes as we get into the summer months of 2020.

Bambridge Accountants New York provides tax preparation and advice services for US taxpayers worldwide. Either working online or through offices in New York and London, the firm can complete your US tax return and advise on the tax changes for 2020.