loading...

23 March 2020 04:40

China Donald Trump Trade agreement

internal revenue service

NEW JERSEY - The Treasury Department and Internal Revenue Service announced on March 21, 2020, that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov.

tax day

Businesses who need additional time must file Form 7004. Our newsletter delivers the local news that you can trust. The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days. "Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically," said IRS Commissioner Chuck Rettig.

internal revenue service

"Filing electronically with direct deposit is the quickest way to get refunds. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds. As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience. I'm incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment." The IRS will continue to monitor issues related to the COVID-19 virus, and updated information will be posted on a special coronavirus page on IRS.gov. This announcement comes following the President's emergency declaration last week pursuant to the Stafford Act. The Stafford Act is a federal law designed to bring an orderly and systematic means of federal natural disaster and emergency assistance for state and local governments in carrying out their responsibilities to aid citizens.

It was enacted in 1988. Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people. Kiplinger.com uses cookies and other technologies to collect information that helps us to recognize your device on repeat visits and improve your user experience and to monitor website performance. To learn more, visit our Privacy Policy. By clicking "I Accept," you consent to our use of cookies and our Privacy Policy and Terms of Service. I Accept MADISON--Officials with the Wisconsin Department of Revenue are giving residents more time to file their taxes due to concerns over the novel coronavirus, otherwise known as (COVID-19). Both federal and Wisconsin income tax payment and return due dates have been automatically extended to July 15, 2020. Wisconsin law will automatically extend time and waive interest and penalties for taxpayers after the president declared a national emergency. Here's some important things to know if you still need to file. Tax filers do not have to file any extension forms to be eligible for this new due date. There is no limit on the amount of payment to be postponed, and there are no income exclusions. This applies to individuals, trusts, estates, partnerships, associations, companies or corporations. This relief is solely for income tax payments, estimated income tax payments and returns due April 15, 2020. There will be no interest or penalty for the period of April 15, 2020 to July 15, 2020. Interest, penalties, and underpayment interest for failure to make quarterly estimated tax payments with respect to such postponed federal income tax filings and payments will begin to accrue on July 16, 2020. "This is a time of great uncertainty for everyone. People are concerned and worried, and one thing they should not have to worry about right now is an April 15 tax deadline," said Department of Revenue Secretary Peter Barca. Several Wisconsinites have already completed their tax return, local officials said. "Roughly, half of all taxpayers in Wisconsin have already filed their tax returns, and most have received refunds, on average over $700," noted Department of Revenue Secretary Peter Barca. "We are still processing returns and issuing refunds and other credits that Wisconsinites rely on such as the Homestead Credit and Earned Income Tax Credit." For more information on tax resources from the Wisconsin Department of Revenue, click here or call (608) 266-2486. Report a typo or error // Submit a news tip