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Automatic extension to the US tax filing and tax payment deadline

While the world fights off Coronavirus, the IRS have now officially announced that July 15, 2020 is the new tax return deadline for filing 2019 Federal income tax returns and payments. 

Last updated: 23 March 2020

This is welcome relief to many taxpayers who are busy dealing with the Coronavirus pandemic.

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.

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.

What should you do?

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.

About the author

Martin Scullion

+44 (0)20 7556 1207
scullionm@buzzacott.co.uk
LinkedIn

Last updated: 23 March 2020

This is welcome relief to many taxpayers who are busy dealing with the Coronavirus pandemic.

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.

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.

What should you do?

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.

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