We'll be providing you, your charity and your business with regular updates to help you manage during these uncertain times. … Read more
Information from our HR Consultancy team to support and guide employers during this period of uncertainty. … Read more
In these constantly evolving times, our Corporate Finance team are hosting a weekly webinar at Midday on a Monday to give you a roundup of the government announcements from the previous week … Read more
130 Wood Street, London, EC2V 6DL
enquiries@buzzacott.co.uk T +44 (0)20 7556 1200
.jpg&w=520&h=520&crop-to-fit)
This is welcome relief to many taxpayers who are busy dealing with the Coronavirus pandemic, with April 15 just around the corner.
Over the weekend, the Treasury Department and IRS announced that the Federal income tax filing date for those taxpayers who live in the US 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. Taxpayers who need additional time to file beyond the July 15 deadline can file an extension on Form 4868 or Form 7004 where applicable. For taxpayers who live outside the US, this is only a one-month filing extension from June 15 2020 to July 15 2020.
We are aware that many US States are also looking to bring in extended deadlines, with some mirroring the IRS guidance.
The IRS have urged taxpayers who are due a refund to file electronically, as soon as possible.
The IRS have also temporarily closed all Taxpayer Assistance Centers and discontinued face-to face service throughout the US until further notice so there is expected to be some disruption caused by this.
We would still recommend that taxpayers have their tax returns prepared as soon as possible so that they can plan their cash flow over the coming months and avoid any delays in the future as a result of this disruption.
If you have a 2019 US tax return to file this year, then the good news is that the IRS are giving you more time to file and more time to pay the tax liability. If you are due a tax refund, you should also file as soon you can, to avoid any potential delays. For further guidance or for advice tailored to your requirements, please get in touch with your usual Buzzacott contact.
This article was last updated on 23 March 2020.
Responding to the impact of COVID-19
US tax
2
Expatriate tax
3
What should US citizens be aware of when setting up a business in the UK?
Martin Scullion
Contact us
6
