Important Income Tax Updates

Good news! The Treasury Department and the Internal Revenue Service are responding to the COVID-19 Outbreak by providing special tax filing and payment relief to both individuals and businesses. Normally, the filing date would be April 15. Due to current circumstances, they have extended the deadlines to file to July 15. If you are owed a refund, the IRS strongly urges taxpayers to file as soon as possible. If you cannot file by the new deadline, individual taxpayers may file for an extension.

What does this filing and relief include?  

All taxpayers who pay file and pay their Federal income taxes on April 15, 2020, have received an automatic extension until July 15, 2020. Taxpayers do not have to file any paperwork or contact the IRS to qualify. Here is what this relief applies to:

  • Individual returns
  • Trusts
  • Corporations

This relief includes estimated tax payments for the 2020 tax year that are due on April 15, 2020.

Penalties, Interest, and Extensions

Penalties and interest will start accruing on any unpaid balances beginning July 16th, 2020. This can be avoided if taxes are paid by July 15. If you are an individual taxpayer and you find that you need additional time beyond the July 15th deadline, you can request filing an extension.

How does this affect state tax returns?

Please note that this relief only applies to federal income returns and tax payments that would normally be due on April 15, 2020. This includes tax on self-employment income. This does not apply to state tax payments, deposits, or payments of any other type of federal tax.

For more questions and to receive help filing your taxes, please customer support team. We will walk you through the relief and how it benefits your unique situation.